The podcast explores the influence of upcoming elections on energy policy, the significance of COP conferences in oil-producing countries, and the potential of enhanced geothermal power. They also discuss the launch of regulated carbon markets in Brazil and the rise of data centers. The chapter concludes with discussions on technologies to watch in the energy sector, tensions in the mining industry, and the speakers' reading goals for the year.
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Quick takeaways
Global elections can greatly impact energy decisions, and countries like Mexico and India are important to watch.
Azerbaijan and South America play key roles in the energy sector, with implications for climate solutions and mining projects.
New reporting rules and the demand for copper in renewable energy present significant developments to monitor in 2024.
Deep dives
People to Watch in 2024
In 2024, key figures to watch in the energy sector include President Biden, who faces challenges in the energy space, especially with environmental movements opposing new LNG export facilities. Melissa Lott highlights the importance of global elections, particularly in countries like Mexico and India, as they can greatly impact energy decisions. Additionally, the positions of political figures in the UK, such as their commitment to decarbonization, will play a role in shaping energy strategy.
Places to Watch in 2024
Two important regions to keep an eye on are Azerbaijan and South America. The hosting of COP29 in Azerbaijan raises questions about how oil-producing countries can contribute to global climate solutions. In South America, countries like Chile and Panama are crucial as they are involved in the lithium and copper mining industries respectively. The increasing demand for copper due to the growth of low-carbon technologies emphasizes the need for mining projects to ramp up production in these regions.
Stories Under the Radar in 2024
The implementation of new reporting rules by the US Securities and Exchange Commission and California's climate risk reporting requirements are significant developments that might go unnoticed. The introduction of these rules will prompt companies to report their greenhouse gas emissions and climate risks accurately. This move is expected to boost the carbon tech industry as companies navigate the reporting landscape and avoid greenwashing practices. Additionally, the growing demand for copper in the renewable energy sector remains under the radar. Ensuring a steady supply of this crucial resource poses challenges in terms of mining projects, political tensions, and environmental considerations.
Potential Good News in 2024
Positive developments to watch out for in 2024 include Brazil's carbon markets and advancements in hydrogen technology. Brazil's focus on industrial emissions in their carbon markets could set a precedent for other countries, especially if successful in promoting emission reductions in hard-to-abate sectors. The year might also mark the rise of hydrogen as a viable energy source, with numerous countries committing incentives and support for hydrogen infrastructure. However, the outcomes and successes of these initiatives remain to be seen.
Increasing Electricity Demand and Challenges for Infrastructure Development
The podcast episode discussed the significant increase in electricity demand in the US, with a 4.7% growth projected over five years. This demand growth poses challenges for building the necessary infrastructure to meet the increasing needs, especially in terms of obtaining land and navigating local regulations. The episode highlighted the complex and emerging issue of onsite generation and the need to explore non-wires options for sourcing additional electrons. The discussion emphasized that the increase in electricity demand is not limited to specific industries or regions, but rather a global phenomenon.
Tensions in the Arabian Peninsula and the Implications for Global Oil Markets
The podcast episode addressed the escalating tensions in the Arabian Peninsula and their potential impact on global oil markets. The disruption in shipping traffic through the Red Sea due to drone attacks from Yemen has already caused significant challenges. However, the greater concern lies with the narrow Strait of Hormuz, through which 20% of the world's oil passes. If the situation worsens and leads to conflict or further disruptions in this critical region, it could result in significant disruptions in global oil markets and a sharp increase in oil prices. The episode urged listeners to closely monitor the developments in the Arabian Peninsula in the coming months.
Ed Crooks is joined by Amy Myers-Jaffe and Dr Melissa Lott to look ahead to 2024. They explore the people, places, and technologies that could have a big influence on energy this year.
Amy kicks things off with a look ahead to the US elections in November. The results of that vote will have big impact on policy in the US, and there are several other elections coming up around the world that could also have significant consequences for energy.
COP28 in Dubai may be only just behind us, but the world is already looking ahead to COP29, which will be held in Azerbaijan. With Brazil lined up for COP30 next year, that will make three consecutive UNFCCC COPs in large oil-producing countries. The gang discuss how that could shape the energy transition.
Then there are the technologies to watch in 2024, including Melissa’s choice, enhanced geothermal power. Fervo Energy’s Project Red geothermal facility went online in December, marking a major milestone for an energy source with huge potential. As Melissa explains, there are not too many energy sources that can offer “clean firm power”: low-carbon generation that is available 24/7.
Finally, the gang talk about their energy-related New Year’s resolutions, including one that has already been broken!
