“Oil markets, energy transition, climate governance and COVID-19: the short, the medium and the long term”, Gonzalo Escribano and Lara Lázaro-Touza (Elcano, Spain)

The COVID-19 pandemic has radically altered the energy outlook, both in economic and geopolitical terms. Climate governance has also been significantly affected in a key year for increasing ambition. This working paper analyses the impact of the coronavirus crisis on the geopolitics of oil and gas, on the evolution of the European Green Deal and on climate governance, updating and deepening a previous policy brief published in Spanish. It concludes that, while the priority of governments and citizens is undoubtedly the fight against coronavirus, the radical change in the short-term context should not distract energy and climate policy from the challenges it faces over the medium and long terms. Furthermore, energy and climate policies will be key to shaping an optimal policy response to the crisis.

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