Skip to 0 minutes and 15 secondsWelcome to Global Resource Politics! I am Professor Younkyoo Kim in the Division of International Studies and Director for the Center of Energy Governance & Security at Hanyang University. Over the coming weeks, we are going to examine the current state of affairs of global energy challenges. In the coming years, the international society will find itself at a critical juncture. Asian energy consumption is rising. Middle East energy production is very much in flux. The United States has risen as a new energy producer. We have to navigate the transition to a “post-fossil” era at the same time managing a number of energy-related risks that are going to pose significant challenges to global energy.
Skip to 1 minute and 3 secondsCurrent low oil prices are a good illustration of all these energy challenges and their risks.
Skip to 1 minute and 10 secondsIn light of these shifting global trends, the goals of this course is to study: The current global energy challenges, The causes for low oil prices, The post-fossil transition, The impact of US shale revolution, A search for a sustainable global energy regime, Energy market and geopolitics in Asia Are you ready to learn? In the next meeting I’m going to walk you through the shifting global energy landscape. We focus on supply/demand changes.
Welcome to Week 1
This week’s lecture outlines the current trends in the global energy picture.
What are significant changes about global energy supply and demand of today? What are current challenges and risks posed by the shifting global energy supply and demand?
On the demand side, the trend has been increasingly moving towards Asian countries, especially China, and from 2020 onwards towards India. Asia’s energy demand will rise faster than any other region.
On the supply side, until recently, the US was the largest energy importer in the world, but due to the shale revolution, it is becoming a major exporter. The contribution of the Middle East to global oil demand growth is second only to China. All told, fossil fuels (coal, oil, natural gas) made up 87 percent of the world’s energy consumption in 2013. By contrast, low-carbon sources — including nuclear, hydropower, wind, solar, and biomass — made up just 13 percent. That ratio has not changed since 1999. Forecasts for which fuels will meet this growing energy demand vary, but all observers agree that the share of gas will rise.
- Kenneth B. Medlock III, “The Shale revolution and its implications for the global energy market,” IEEJ Energy Journal, Special Issue, June 2016.
- Mikkal E. Herberg, “Introduction,” Mikkal E. Herberg, Ed. Energy Security and the Asia-Pacific: Course Reader(Washington DC: National Bureau of Asian Research, 2014).
© Younkyoo Kim, Hanyang University