DeepSummary
The episode features an interview with Jason Bordoff, the founding director of the Center on Global Energy Policy at Columbia University, discussing the 50th anniversary of the 1973 Arab oil embargo and its lasting impacts on energy security. Bordoff explains how the 1970s energy crisis prompted the creation of agencies and policies to address energy security concerns, and how the concept of "energy independence" is a myth in today's interconnected global energy market.
Bordoff also discusses the geopolitical implications of the transition to clean energy, including the risks posed by concentration in critical mineral supply chains and the potential for tensions between developed and developing nations over the pace and fairness of the energy transition. He argues that while a decarbonized economy may ultimately be more stable, the transition process itself could be turbulent and require careful management to maintain energy security and affordability.
The conversation covers a wide range of topics, including the role of China in clean energy supply chains, the importance of diversification and diplomacy in mitigating risks, and the foreign policy considerations surrounding the Inflation Reduction Act. Bordoff emphasizes the need for increased investment in clean energy deployment in developing countries and suggests opportunities for bipartisan cooperation on these issues.
Key Episodes Takeaways
- The 1970s energy crisis prompted the creation of agencies and policies focused on energy security, but also led to misguided lessons about the pursuit of "energy independence."
- In today's interconnected global energy market, energy security depends more on reducing demand and diversifying supply chains than on trying to achieve complete independence from imports.
- The transition to clean energy poses new geopolitical risks, such as concentration in critical mineral supply chains and potential tensions between developed and developing nations over the pace and fairness of the transition.
- While a fully decarbonized economy may ultimately be more stable, the multi-decade transition process itself could be turbulent and require careful management to maintain energy security and affordability.
- Increased investment in clean energy deployment in developing countries is crucial not only for addressing climate change, but also for geostrategic reasons and diversifying supply chains.
- Diplomacy and international cooperation will be essential for mitigating risks and tensions during the clean energy transition.
- The Inflation Reduction Act has significant foreign policy implications that must be managed through diplomatic efforts to avoid potential trade conflicts.
- Opportunities exist for bipartisan cooperation on energy security and clean energy investment in developing countries, framed as economic and geostrategic imperatives.
Top Episodes Quotes
- “OPEC's share of the global market was higher then. But I think the fundamental difference is what I was talking about before, that interconnected global market that really didn't exist back then.“ by Jason Bordoff
- “If we're not careful about it. The critical minerals I talked about before, if you look at the International Energy agency's scenario for how we get to net zero emissions by 2050, we need three times as much trade in critical minerals and six times as much production of critical minerals as we have today.“ by Jason Bordoff
- “I do think that there's an argument why this is not just what we need to do for climate change. But we talked a moment ago about the geostrategic imperative in diversifying supply chains. If we're not investing in those parts of the world, we know who is. And China is very happy to go into african nations or southeast asian nations and build infrastructure there, clean or dirty or otherwise.“ by Jason Bordoff
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Episode Information
The Climate Pod
The Climate Pod
11/1/23
We've just passed the 50th anniversary of the 1973 Arab oil embargo, which kicked off almost a full decade of energy crises in around the globe. How has energy security changed since then? With war unfolding now in the Middle East, could it happen again? How are geopolitics shifting with the transition to clean energy? Jason Bordoff, the founding director of the Center on Global Energy Policy at Columbia University's School of International and Public Affairs, joins the show this week to answer all of this and more. We discuss the relationship with China and the United States, why a clean energy transition could be more turbulent than a net zero economy, and why the IRA presents a number of foreign policy considerations.
Bordoff also serves as professor of professional practice at Columbia University’s School of International and Public Affairs. He is the co-host of the Columbia Energy Exchange and his latest piece in the Wall Street Journal with Meghan O’Sullivan is titled “Lessons from the 1970s Energy Crisis Can Help Prevent the Next One.”
On this episode, Ty and Brock also pay tribute to the wonderful Professor Saleemul Huq and his legacy as a climate champion. You can listen to our past interview with Professor Huq here.
As always, follow us @climatepod on Twitter and email us at theclimatepod@gmail.com. Our music is "Gotta Get Up" by The Passion Hifi, check out his music at thepassionhifi.com. Rate, review and subscribe to this podcast on iTunes, Spotify, Stitcher, and more! Subscribe to our YouTube channel! Join our Facebook group.