Energy

The first 100 days are key to understanding where any presidency is going. Now more than a third of the way into that timeframe, how is President Joe Biden doing in the international policy arena? The World’s host Marco Werman speaks with Nicholas Burns, a former US under secretary of state for political affairs and a former ambassador to NATO.

President-elect Joe Biden’s decision to create a new cabinet-level position for climate-related issues — and to choose so prominent a figure as former Secretary of State John Kerry to fill it — demonstrates Biden’s sincerity over putting climate at the very center of U.S. foreign policy. It is easy to understate the importance of this appointment, given the flurry of czars created by most new administrations.

The geopolitical and geo-economic forces wrought by the coronavirus pandemic, as examined previously in this series, are likely to slow the transition to a more sustainable global energy mix. Fortunately, the pandemic has also resulted in governments gaining vastly greater influence over whether this shift stalls or accelerates.

For most people, there was nothing to celebrate when the International Monetary Fund downgraded its outlook for global economic growth in June, anticipating a contraction of 4.9% for 2020. Yet for others, such as the small but persistent group of economists and others known as the “degrowth movement,” the Covid-induced economic slowdown has a silver lining.

The search for silver linings to the coronavirus pandemic has come up woefully short. But one hopeful — and much talked of — prospect is that the disruption will accelerate the global shift to a more sustainable energy future.

The world is on the cusp of a geopolitical reset. The global pandemic could well undermine international institutions, reinforce nationalism and spur de-globalization. But far-sighted leadership could also rekindle cooperation, glimmers of which appeared in the G-20’s offer of debt relief for some of the world’s poorest countries, a joint plea from more than 200 former national leaders for a more coordinated pandemic response and an unprecedented multinational pact to arrest the crash in oil markets.  

Henry Kissinger warns that many existing domestic and international institutions that have helped govern the past decades will not survive the Covid-19 crisis. He is surely correct.

Today’s economic crisis leaves us with an unsettling and perplexing regret. Why weren’t financial portfolios already adjusted for risks that stem from health events such as pandemics? After all, financial portfolios are adjusted for liquidity risks, market risks, credit risks, and even operational and political risks.

Former U.S. Secretary of State Rex Tillerson offered his take on global leaders and hotspots, from Iran and Saudi Arabia to North Korea and Syria. He was joined by Professor Nicholas Burns, Professor James Sebenius and Professor Robert Mnookin.

Just two weeks ago, a tweet cost the global stock markets roughly $1.36 trillion (or Australia’s annual GDP). With 280 characters on Twitter, the U.S. President Donald Trump threatened to raise tariffs on select Chinese imports, instilling lower market confidence, triggering significant volatility, and exacerbating existing political uncertainties. To explore what is really at stake in Twitter diplomacy, it is important to explore why Twitter diplomacy matters, why world leaders use it, what it means for diplomatic relations, and how governments can manage the associated risks.