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1. Political Opportunities and Financial Hazards in the Eastern Mediterranean

Author:
Matteo Colombo
Publication Date:
07-2020
Content Type:
Commentary and Analysis
Institution:
Italian Institute for International Political Studies (ISPI)
Abstract:
Gas discoveries in the Eastern Mediterranean have been enthusiastically received by international observers, although the current price dynamics advises caution. This commentary both explores the opportunities of political and economic collaboration for the states of the region and beyond, and analyses the financial hazards of gas extraction and selling in a global scenario characterised by low prices and decreasing demand. The arguments put forward are that considerable public investment from regional and European states and a clear stance towards Turkey are necessary conditions to exploit gas opportunities and that the time has come for governments to take these steps. In greater detail, European states and regional governments should soon make a final decision on whether or not to build a pipeline from the gas fields of Egypt, Israel and Cyprus to Italy (EastMed) and on if Turkey should be included in the Eastern Mediterranean Gas Forum (EMGF): a regional platform to manage gas prices and the energy flow from producing to consuming states.
Topic:
Energy Policy, Regional Cooperation, Natural Resources, and Gas
Political Geography:
Europe and Mediterranean

2. Integrating Climate Change Adaptation and Development: Past trends and ways forward for Danish development cooperation

Author:
Mikkel Funder, Lily Salloum Lindegaard, Esbern Friis-Hanse, and Marie Ladekjær Gravesen
Publication Date:
05-2020
Content Type:
Special Report
Institution:
Danish Institute for International Studies
Abstract:
Climate change has a severe impact on the livelihoods and economies of developing countries and will constrain achievement of the Sustainable Development Goals on virtually all fronts. While efforts to reduce emissions are obviously vital, it is equally critical that societies adapt to the already ongoing impact of climate change. Integrating climate change adaptation broadly into development cooperation is therefore a pressing issue and has never been more relevant. Discussion of the relationship between climate change adaptation and development and how to ‘mainstream’ adaptation into development support is not new. However, uncertainty persists regarding the ways and extent to which adaptation should be addressed as part of broader development efforts. This new DIIS Report seeks to address the integration of adaptation and development, with a particular focus on Denmark’s development cooperation. The report discusses the linkages between adaptation and development, examines the approaches of selected development actors, and discusses selected trends in Denmark’s funding to climate change adaptation. The report concludes that despite challenges there are currently good opportunities and a growing momentum among key actors towards finally integrating adaptation and development. Denmark should take a global leading role in this by making climate action a main aim in development cooperation, and by adopting approaches that address climate change and development in an integrated manner from the outset of policy development and -programming.
Topic:
Climate Change, Development, Environment, and Natural Resources
Political Geography:
Europe and Denmark

3. How International Oil Companies Could Assist Greece to Achieve the Sustainable Development Goals: A Conversation Starter

Author:
Alexandra Sdoukou, Andrea Tornaritis, and Perrine Toledano
Publication Date:
01-2019
Content Type:
Working Paper
Institution:
Columbia Center on Sustainable Investment
Abstract:
This policy paper wishes to be a timely contribution towards a fruitful debate among stakeholders; it urges International Oil Companies (IOCs) to examine how the critical Sustainable Development Goals (SDGs) for Greece can be integrated into their core business so that the oil and gas industry can contribute to the country’s sustainable growth.
Topic:
Energy Policy, International Cooperation, Oil, Natural Resources, Gas, and Sustainable Development Goals
Political Geography:
Europe, Greece, and Mediterranean

4. In the Aegean, Energy Sustainability = Increased Security

Author:
Katerina Sokou and Aristotle Tziampiris
Publication Date:
10-2019
Content Type:
Commentary and Analysis
Institution:
The Begin-Sadat Centre for Strategic Studies (BESA)
Abstract:
The challenging geography of Greece makes it hard for the country to take full advantage of its natural resources and expand its energy grid. Though it has doubled its share of renewables, it needs to redouble those efforts to reach the EU’s ambitious goal of covering a third of its energy needs from renewable sources by 2030. The Greek islands that have been at the forefront of the migration and refugee crises would particularly benefit from a targeted policy to reach that goal, as the transition would increase their energy security, reduce their energy costs, and diversify their economies. Greece has the potential to be a model of sustainability that would enhance the stability of the entire Eastern Med.
Topic:
Security, Climate Change, Energy Policy, Natural Resources, Refugee Crisis, and Sustainability
Political Geography:
Europe, Greece, and Mediterranean

5. What Can Protest Achieve?: The Case of the Fossil Fuel Divestment Campaign

Author:
Carl Death
Publication Date:
09-2019
Content Type:
Research Paper
Institution:
Brown Journal of World Affairs
Abstract:
Can protest really make a difference? Can social movements change any- thing? Do campaigns like those for fossil fuel divestment rapidly snowballing across campuses, cities, churches, and institutional investors in North America, Europe, and elsewhere have any real impact on global political economies of energy? This article argues that the answer to all of these questions is a qualified “yes.” The fossil fuel divestment campaign is a specific manifestation of environ- mental protest, which, since emerging in 2011, has changed some things and has the potential to change others more profoundly.1 Considering the case of the fossil fuel divestment campaign in detail can illuminate important insights about the role of protest in contemporary global politics. Protest movements can impact the world, as evidenced by both the fossil fuel divestment campaign and longer histories of other divestment movements that have contributed to significant struggles for structural change.
Topic:
Climate Change, Economics, Natural Resources, Protests, Global Warming, and Fossil Fuels
Political Geography:
Europe and North America

6. Regards sur l’Eurasie - L'année politique 2018

Author:
Anne De Tinguy, Annie Daubenton, Olivier Ferrando, Sophie Hohmann, Jacques Lévesque, Nicolas Mazzuchi, Gaïdz Minassian, Thierry Pasquet, Tania Sollogoub, and Julien Thorez
Publication Date:
02-2019
Content Type:
Special Report
Institution:
Centre d'Etudes et de Recherches Internationales
Abstract:
Regards sur l’Eurasie. L’année politique est une publication annuelle du Centre de recherches internationales de Sciences Po (CERI) dirigée par Anne de Tinguy. Elle propose des clefs de compréhension des événements et des phénomènes qui marquent de leur empreinte les évolutions d’une région, l’espace postsoviétique, en profonde mutation depuis l’effondrement de l’Union soviétique en 1991. Forte d’une approche transversale qui ne prétend nullement à l’exhaustivité, elle vise à identifier les grands facteurs explicatifs, les dynamiques régionales et les enjeux sous-jacents.
Topic:
Defense Policy, Corruption, Democratization, Economics, Health, International Security, Natural Resources, Conflict, Multilateralism, Europeanization, Political Science, and Regional Integration
Political Geography:
Russia, Europe, Ukraine, Caucasus, Kazakhstan, Kyrgyzstan, Tajikistan, Uzbekistan, Armenia, Azerbaijan, and Turkmenistan

7. The Great Troublemaker: Nord Stream 2 in Russia’s Foreign Energy Policy

Author:
Szymon Kardas
Publication Date:
01-2019
Content Type:
Journal Article
Journal:
International Issues: Slovak Foreign Policy Affairs
Institution:
Slovak Foreign Policy Association
Abstract:
he main aim of the paper is to analyze the Nord Stream 2 project from the perspective of Russia’s foreign energy policy and strategic goals and interests of all stakeholders (the state, Gazprom and other Russian entities). While it is unclear whether the investment will bring economic benefits to Russia or to Gazprom alone, it is known that Moscow will derive a specific political dividend from it. By building a controversial gas pipeline, it has contributed to deepening divisions in the European Union and weakening the coherence of actions for a common energy policy. The Nord Stream 2 project is also presented as a case study describing different European approaches towards energy cooperation with Russia. Neoclassical realism has been adopted as the theoretical framework for the analysis. The paper includes basic facts regarding the history of the project and the key data concerning the pipeline.
Topic:
Foreign Policy, Energy Policy, Natural Resources, and Strategic Interests
Political Geography:
Russia and Europe

8. Brown Coal Mining in the Czech Republic – Lessons on the Coal Phase-out

Author:
Lukas Lehotsky and Mikulas Cernik
Publication Date:
01-2019
Content Type:
Journal Article
Journal:
International Issues: Slovak Foreign Policy Affairs
Institution:
Slovak Foreign Policy Association
Abstract:
The article offers an overview of coal production policies in the Czech Republic – the third-largest coal consumer in the EU and a post-communist country struggling to take decisions over the future of the coal phase-out. It developed its phase- out policy in the early 1990s to address the destruction of the local environment. However, since then no steps have been taken in relation to phase-out. Instead, coal production stakeholders have attempted to maintain the coal lock-in and to reverse phase-out. The article begins by discussing the factors that have led to the ambiguity. It then places the discussion over the future of phase-out within the wider context of a just transition, and offers insights into the Czech case which may prove useful to other countries considering transitioning away from coal.
Topic:
Energy Policy, Natural Resources, Mining, Renewable Energy, and Coal
Political Geography:
Europe and Czech Republic

9. Financing Energy Access in Sub-Saharan Africa

Author:
Nicola Bilotta and Lorenzo Colantoni
Publication Date:
12-2018
Content Type:
Working Paper
Institution:
Istituto Affari Internazionali
Abstract:
The electrification of Sub-Saharan Africa has traditionally suffered from a lack of adequate investments, given the scarcity of domestic funds and the higher regional risk perceived by foreign investors. And yet, electrification of the continent has accelerated lately, driven by innovative financing instruments that fit the African framework. Such tools as aggregation, securitization and guarantee instruments reduce risk premiums, thus increasing the attractiveness of the sector and making it easier for international institutions to provide back-up funding for private, local and decentralized projects. Critical in this regard has been Africa’s FinTech system, which enables forms of mobile payment and micro-credit access, resulting in innovative business models. Such sets of tools will be then fundamental to maintaining the current trends and, eventually, reach the long-awaited universal access to energy for those in Sub-Saharan Africa. Paper prepared in the framework of the IAI-Eni Strategic Partnership, December 2018.
Topic:
Climate Change, Energy Policy, Natural Resources, Foreign Direct Investment, and Sustainable Development Goals
Political Geography:
Africa and Europe

10. The Impact of US LNG on Russian Natural Gas Export Policy

Author:
Tatianna Mitrova and Tim Boersma
Publication Date:
12-2018
Content Type:
Working Paper
Institution:
Center on Global Energy Policy
Abstract:
The United States and Russia have long been the world’s largest natural gas producers, but they traditionally have not faced off in direct competition in that market. The United States was expected to become a net importer of natural gas, while Russia’s state-owned Gazprom took a prominent position in the European market. The boom in US shale-gas production changed that. While the United States had been trading gas regionally by pipeline for decades, the shale boom allowed for the export of US liquefied natural gas, putting the two gas giants in competition. Even before the first molecule of US LNG shipped, rising US production had diverted LNG destined for the United States into the European Union. Facing increased competition pushed Russia toward a more market-oriented strategy, with Gazprom adjusting its long-term oil-linked contracts that had previously been the backbone of Russian sales to European customers to use more hybrid formulae. This was just the beginning. After a slow start, the competition brought on by US gas is to a large extent shaping the Russian natural gas strategy in Europe and beyond. For Europe, rising gas competition from new suppliers has both economic and energy security implications. Globally, it is also raising questions about how Gazprom will compete in Asia, where demand is growing and gas suppliers are looking to place future production, as well as in other markets. Understanding how Gazprom will react to US gas is thus a critical economic and geopolitical question for LNG importers and exporters worldwide. In this paper the authors examine how Gazprom will maneuver in global markets under specific circumstances. It opens with a discussion of how the US and Russian gas sectors developed and interacted in the period before shale gas. The paper then examines how Gazprom’s gas trade has been impacted by new US production and what changes may be coming as US exports continue to increase. It finds that the advent of US LNG has already reduced Russian gas revenue, undermined its oil-linked pricing model, forced contract renegotiations and accelerated domestic gas market liberalization and LNG development. The authors argue that Russia is in a good position to defend its market share in Europe and looks at some of the strategies that could be pursued under various market scenarios, including the following: High Asian demand and low oil prices: If oil-linked gas prices were pushed below spot prices, Gazprom would not need to further adjust its pricing policy (as was the case in 2015–2017). In certain situations Gazprom might even limit supplies to drive prices up and increase its rent, becoming the price maker. Such a strategy would be utilized cautiously to avoid demand destruction and prompting new FIDs for new (US) liquefaction capacity. High Asian demand and high oil prices: In this scenario Gazprom’s position would be well served in the short to medium term by strong revenues. In the longer term, however, high prices will attract more competitors to the markets (and prompt new FIDs), so it is important for Gazprom to keep its own prices competitive and to keep the margin of the aggregators, which are supplying the European market, below their margin in Asia. There are already almost no “pure” oil-linked contracts left, and Gazprom in Europe mainly has hybrid pricing, but this scenario will require a more fundamental shift in the pricing, with the share of spot-indexed prices becoming dominant. Low Asian demand and low oil prices: Gazprom may be forced to keep prices for its long-term contracts below short-run marginal costs of US LNG. Gazprom might voluntarily move to completely spot-indexed prices, simultaneously trying not only to find new markets for its gas (both in Asia and in Europe) but also to stimulate new demand. The company would need more flexible and creative marketing, and it would seek to improve the efficiency of its operations, both internationally and domestically. Should Gazprom start to see its market share decline, Moscow could decide to liberalize the pipeline export monopoly, a decision that would make Novatek and Rosneft more powerful players. Low Asian demand and high oil prices: Russia would feel competitive pressure not only from the United States but also from all existing low-cost LNG suppliers like Qatar, which may have to switch to Europe and keep gas prices at a low level. Gazprom would have to engage in this price competition as well, flooding the market using spare capacities and driving the prices down to the level of its short-run marginal costs, which will disincentive US LNG aggregators to offtake their LNG. Gazprom has considerable underutilized upstream capacities and huge spare transportation capacities, allowing it to drive down European prices below the level acceptable for US LNG suppliers. This scenario hurts everyone on the supply side, and it is warranted to ask how long it could be upheld. The study finds that even in scenarios where Gazprom sees gas revenues driven down to 2009 or 2016 levels, this should not prove catastrophic for Russia. For Moscow, facing more competition in Europe is a new situation that Gazprom and decisions makers in the Kremlin will have to deal with. Under normal circumstances, competition between various sources of supply can result in net benefits for the end consumer. In addition, this paper demonstrates that the changes in the global gas market have forced Gazprom to adjust its business practices. However, the increased politization of natural gas in the United States carries a risk of inflamed tensions between Moscow and Washington.
Topic:
Globalization, Natural Resources, European Union, and Gas
Political Geography:
Russia, United States, and Europe