There are five key drivers of the global energy transition. The first one is national authorities’ attempts to address threats of climate change, in line with the Paris Climate Change agreement ratified by several global energy markets (UNFCCC, 2015). The second driver is a significant rise in domestic energy demand. The third one is the need to address growing levels of energy poverty across the world. The fourth driver for global low carbon transition is an intense understanding that oil and gas resources around the world are not infinite and could be depleted within the next few decades and fifth is the different realities that countries face. Taken into consideration, these five main drivers raise debates concerning its implications in various regions of the world and the need of taking measures to address them.
Global low carbon energy transition can be conducted in several ways. First, it is production of significant volumes of cleaner, affordable, accessible and secure environmentally preferable products (EPPs), such as natural gas, that could contribute to climate change mitigation and global energy security. Secondly, extractive industries in different regions around the world can provide a significant level of financing and investment that could aid the global decarbonization, as well as the development of renewable and low carbon technologies.
In addition, among strategies addressing the carbon budget problem, various applications of carbon capture and storage (CCS), bio-energy with CCS, nature based solutions and biofuels should be named and cleaner fuel and sustainable development. CCSs all over the world can be used today to prevent emissions of carbon dioxide in the first instance when fossil fuels are used, and also offers the potential for removal of carbon dioxide from the atmosphere.
Finally, during oil production, the associated natural gas is flared when barriers to the development of gas markets and gas infrastructure prevent it from being used. Furthermore, the programs for reduced flaring could stand against wasting valuable energy resources and contributing to climate change by releasing millions of tons of CO2 to the atmosphere. Prospective implementation of these options is subject to examination as it is individual for each country, given certain political, economic and other factors.
The overall research work of this book examines the legal challenges to global energy transition to the low carbon order both within a domestic context as well as internationally. It looks at the best practices of addressing such challenges, and to what extent these practices would impact the overall global energy transition. It as well evaluates the comparative opportunities and advantages of certain countries to become reliable suppliers of environmentally preferable products that can advance secure, sustainable, competitive, affordable and low carbon energy and global energy markets. Further consideration is given to legal, social and governance threats to the reliability and competitiveness of extractive industries globally, as well as how international cooperation and strategic partnership in investments, research, technology development and institutional reform can help address gaps thereto and the realities of different countries. To that extent, the book raises and discusses the following legal questions:
(1) What is the best case on how to achieve cleaner fuel and sustainable transition away from carbon intensive fossil fuels across the world?
(2) What is the doable approach between developed and developing countries?
(3) What are the main challenges and practical solutions to global energy transition?
3. The Expected Outcome
The expected outcome of this research project will be published as a scholarly paper followed by an edited book by 2022.