Keeping the lights on: oil and gas development in a low-carbon world

Claudia Santos Cruz signs the article "Claudia Santos Cruz signs the article "Joint ventures in Portugal: Overview", published in volume no. 40 of the Journal of Energy & Natural Resources Law.

"The world exists in an era of decarbonisation and energy transition, where impacts and experiences vary greatly across jurisdictions. In recent years, the bias against financing oil and gas projects has grown, and investment uncertainty has contributed to commodity price volatility and increased concerns about medium and long-term energy supply and security. This volatility and rapidly rising commodity prices have recently been exacerbated by Russia's invasion of Ukraine, with associated sanctions and turmoil in energy markets. These market realities are having a broad impact on resource exporting and consuming countries, energy companies, workers, consumers and the global economy. While there is a widely accepted recognition that the energy transition needs to happen, global unrest and market realities are demonstrating that it also needs to occur in an orderly and appropriately paced manner that is economically and politically sustainable in order to mitigate adverse outcomes. This brief reflects panel experts' exploration of the balancing act of keeping the oil and gas industry healthy and stable in an era of transition, focusing on two themes: the need to continue to support the development of oil and gas projects that are aligned with current and future climate standards; and regulatory trends to accelerate the reduction of carbon emissions and achieve the right pace of energy transition while ensuring that "the lights stay on" and other sustainable development goals are also met."

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