Geopolitics of Energy Project

At the foot of the Eqi Glacier in Greenland in June, I watched ice formed thousands of years ago drop into the warming ocean. With this vivid depiction of climate change in my mind, I was disappointed that neither of the conferences held last month to prepare for the UN’s upcoming COP28 summit had produced any real breakthroughs.

However, while the need for climate action is rising, the stakes for COP, perhaps counter-intuitively, look to be diminishing. An underwhelming COP28 would be a missed opportunity but it may not be a tragedy. Twenty or even 10 years ago, it was reasonable to hope a co-operative approach could address climate. But it is no longer a realistic expectation — nor the most promising route for progress.

Meghan O’Sullivan, the Jeane Kirkpatrick Professor of the Practice of International Affairs and Director of the Center’s Geopolitics of Energy project, will become Belfer Center Director on July 1, 2023. As she prepares for this transition, Communications Associate Director Sharon Wilke asked her to share her thoughts on the Belfer Center and what she sees as its greatest strengths, why she decided to take on the leadership role, and how she hopes to build on the Center’s strengths and impact in the near and distant future. 

Harvard Kennedy School has named Meghan L. O’Sullivan Director of the Belfer Center for Science and International Affairs, effective July 2023.

Hand-Off details the Bush administration’s national security and foreign policy as described at the time in then-classified Transition Memoranda prepared by the National Security Council experts who advised President Bush. Thirty of these Transition Memoranda, newly declassified and here made public for the first time, provide a detailed, comprehensive, and first-hand look at the foreign policy the Bush administration turned over to President Obama.

Last week, U.S. Sen. Joe Manchin seemingly dashed Democrats’ hopes for congressional action to slow climate change. Sen. Bernie Sanders accused Manchin of “sabotag[ing] the president’s agenda”; Rep. John Yarmuth, when asked about the consequences of Congress not acting on climate change, said, “We’re all going to die”; and climate activists, as well as some Democrats in Congress, wondered if Manchin should be removed as chair of the Senate Energy and Natural Resources Committee.

For many, integrating “decarbonization” into public policy, corporate and financial strategies has become a requirement, not an option — yet, what happens when the critical link between climate stability and decarbonization breaks?

Capital Choices analyzes the creation of different SWFs from a comparative political economy perspective, arguing that different state-society structures at the sectoral level are the drivers for SWF variation. Juergen Braunstein focuses on the early formation period of SWFs, a critical but little understood area given the high levels of political sensitivity and lack of transparency that surround SWF creation. Braunstein’s novel analytical framework provides practical lessons for the business and finance organizations and policymakers of countries that have created, or are planning to create, SWFs.

In late 2017, Mexico made headlines as Italian company Enel bid what was then a world-record low price for renewable energy in the country’s third such energy auction. This development was possible due to the historical and sweeping energy reforms passed with broad support in Mexico in 2013. Then-President Enrique Peña Nieto had succeeded where previous Mexican presidents had failed, reversing decades of resource nationalism and overhauling the energy sector through constitutional reforms that gave the private sector a larger role and advantaged renewable energy in Mexico’s economy. The 2017 auction seemed to indicate Mexico’s bright future not only as a conventional oil producer, but also as a clean energy power.

Russian military action in Ukraine could trigger an energy crisis even more serious than the one already hitting Europe. As has been pointed out, should the West hit Russia with severe new sanctions, President Vladimir Putin could cut off natural gas exports, leaving the continent shivering through midwinter. Yet there is another potential weapon of Russia’s that’s been less discussed and might be very effective: An ability to disrupt global oil markets, which would directly hit U.S. consumers.

If you were wondering whether Europe is running out of options to deal with its continuing energy crisis, one of Britain’s largest energy suppliers just offered an answer.