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However, the resulting low gas prices, as well as clean air and climate policies, will promote further switching to gas from other more polluting energy sources, such as oil and coal. The report shows that medium-term growth will come from increasing cost-competitiveness and increased global access to gas. MMbtu in Russia, $8.7/MMbtu
So far, the policy focus has been on empowering the early winners of an unfolding renewable-energy race. Nigeria or Algeria cannot do the same for their oil industry. This scenario assumes a full global consensus for action on climate change. The result is a win–win for climate and security. —Goldthau et al.
As Sheikh Zaki Yamani, a former Saudi oil minister, once said, “The stone age came to an end not for a lack of stones, and the oil age will end, but not for a lack of oil.” But some oil will still be being pumped at the end, and it won't be heavy, sour, far from water crude.
The European Commission has adopted the European Energy Union package —a framework strategy for a resilient energy union with a forward-looking climate change policy. The right infrastructure is a precondition for completing the energy market, integrating renewables and security of supply. —Energy Union Framework Document.
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