Geopolitics and transition: the new nexus

The geopolitics and energy transition nexus was the focus of the Energy Intelligence Forum which took place from 25-27 November in London

The Forum provided a platform for energy leaders to debate and shape sustainable solutions to the energy challenges of the 21st century and explore collaborative solutions for industrial decarbonisation. Energy leaders explored the potential impact of industrial policy, geopolitical competition, and Trump’s election on these industries.

The event highlighted the urgent need for innovation in carbon removal technologies to mitigate rising greenhouse gas emissions. Temperatures will rise by 1.5°C in the next 10 to 15 years, according to Dr. Hoesung Lee, the sixth chair of the Intergovernmental Panel on Climate Change (IPCC) and winner of Energy Intelligence’s Energy Economist of the Year. “Global emissions must peak by 2025, but this won’t happen.”

Efforts to decarbonise the industry were a key focus, with hydrogen, electrification, carbon capture, and nuclear are all competing to be the top solution for energy-intensive sectors like steel, chemicals, shipping, and aviation. According to Anne-Laure de Chammard, executive board member at Siemens Energy, there is a still a long way to go on this front. “Sectors with clear targets and incentives are progressing faster than those without clear signals,” she noted, adding that small modular reactors can play a key, timely, role to provide electricity for the expanding demand of data centres around the world. “You can build one in roughly one year.”

BP Plc CEO Murray Auchincloss was hopeful that that onshore wind developments in the US could be accelerated, following promises from the President-Elect to curb regulations.

“We think it [the Trump presidency] is a strong chance to help the US get back to putting construction forward, getting regulatory reform in place, and getting faster permitting and really allowing construction to move forward. That's what we're most hopeful for, because the US has been struggling in that space,” Auchincloss commented.

Darren Woods, chairman & CEO of ExxonMobil, was awarded Energy Intelligence’s 2024 Energy Executive of the Year for leadership in growth and innovation, including the acquisition of Texas-based oil and gas exploration and production company Pioneer, and advancements in carbon capture, hydrogen, and lithium.

TotalEnergies was awarded the 2024 Energy Innovation Award in recognition of its commitment to the energy transition, having invested over US$70bn in low-carbon initiatives since 2015 and ambitiously working to reduce Scope 1, 2, and 3 emissions.

Lara Sidawi Moore, deputy CEO and chairperson of the Executive Committee of Energy Intelligence commented, “Our choices now, we hope, will help to craft a unified framework to provide energy security, stability, and prosperity to future generations. We urgently need greater foresight, collaboration, and determination to help drive the world toward a more sustainable, resilient, and secure energy future.”