Columbia Energy Exchange

Carbon credit markets have become one of the most hotly debated tools in the fight against climate change. Supporters call them essential to closing the gap between corporate climate pledges and what companies can actually achieve on their own. Critics call them a shell game that lets polluters buy their way out of real action. But the debate is about more than just whether carbon credits can work; it's about the integrity of the markets designed to trade them. The promise of these markets is fairly straightforward. The complexity comes in determining whether the credits actually deliver the climate benefits they're supposed to. New research from the Center on Global Energy Policy, supported by Bloomberg Philanthropies, examines the state of one type of carbon trading: project-based carbon credit markets. The study looks at how these markets are regulated and how they might be scaled. Today on the show, Bill Loveless speaks with Gautam Jain and Ned Shell about the state of project-based carbon credit…

Global gas markets, especially in Europe, are approaching winter under serious pressure. With storage inventories lagging behind historical averages and shipping disruptions from the Middle East threatening key liquefied natural gas flows, many nations find themselves deeply exposed. The supply shocks from both the Russia-Ukraine war and now the Strait of Hormuz closure have revealed vulnerabilities in a market that is more interconnected than ever, but also more geopolitically complex. With less global LNG supply and growing sensitivity to weather, the case for new security frameworks is getting stronger, built on closer international cooperation, new reserve mechanisms and greater market flexibility. Where does the global gas market stand right now? How much LNG is actually moving through the Strait of Hormuz? What are European countries doing to prepare for the winter? Is Russian gas coming back on the table? Will renewed concerns about energy security spur a faster transition away from gas and toward…

Seven months into the largest oil supply disruption in history, there's still no resolution in sight. This week, on the sidelines of the UN General Assembly, US and Iranian officials held their first indirect talks since the Memorandum of Understanding collapsed in July—but neither side appears ready for concessions. Energy flows through the Strait of Hormuz remain contested and hard to track. A US blockade has pushed Iranian crude exports close to zero, while naval escorts and dark transits near the Omani coast have allowed a partial, volatile recovery in flows from Arab Gulf states—still well below pre-war levels. Attacks on shipping continue, and the Houthis have opened a new front against Saudi Arabia, choking flows through the Bab al-Mandab and striking key infrastructure like the East-West pipeline. Brent crude sits at $105​ a barrel, below April's $126 peak, but that headline number masks just how tight markets really are: diesel ​i​s over $6.50 per gallon in the US, up 85% from pre-war levels​;…

This week, Chinese President Xi Jinping travels to Washington for a state visit with President Trump, their second face-to-face meeting this year. Energy is likely to be high on the agenda, particularly the fallout from the ongoing conflict in the Middle East. One of the more surprising developments since Iran largely closed off the Strait of Hormuz has been how little damage it's done to China's economy. Analysts widely expected the disruption—given China's heavy reliance on Gulf crude—to hit hard. The data tells a different story. What happened? How much of this outcome is owed to the country's careful planning, diverse energy sourcing, or demand reduction? And what does all of this say about the ways energy security is shifting—and perhaps being redefined—in China? Today on the show, Bill Loveless speaks with Erica Downs and Michal Meidan about how China has responded to the biggest oil shock in history, and what it reveals about the future of energy security. Erica Downs is a senior research scholar at…

More than six months into the war with Iran, the Strait of Hormuz crisis continues to cause turmoil in the Gulf region and global energy markets with no apparent end in sight. Tanker traffic through the strait has collapsed to a fraction of its pre-war baseline, and the fallout is spreading. Brent crude broke $100 a barrel for the first time since July, and US diesel prices have climbed above $6 a gallon for the first time in history. The US Navy blockade has all but shut down Iranian oil exports, but the conflict is no longer confined to Iran and the strait. Last week, Saudi Arabia's East-West pipeline was struck and could stay offline for weeks. Iran-aligned Houthi forces seized Yemen's Red Sea coastline. And a Panama-flagged tanker carrying Iraqi fuel oil caught fire in the crossfire—a sign that oil flows well beyond Iran's borders are now at risk. Meanwhile, President Trump continues to predict the war will end shortly after the US midterms—even as his own administration reportedly warns privately that…

It's been a tumultuous year for Venezuela, marked by political upheaval and deadly earthquakes. Then, in late August, the Trump administration announced a deal for over 65 billion barrels of Venezuelan oil reserves—and a 35% stake in North American Blue Energy Partners (NABEP). The move could turn a little-known private company into one of the world's largest corporate holders of oil reserves. But NABEP wasn't the only headline. In the same week, Chevron pledged $7 billion to double its Venezuelan production, Italian major ENI moved forward on a massive oil field agreement, and GE Vernova signed on to rehabilitate the country's crippled electric grid. All told, Venezuela signed deals covering more than 150 billion barrels of oil resources—an unprecedented scale-up for a sector starved of investment for over two decades. Yet for all the fanfare, basic questions remain unresolved. What are the terms and legal basis for the deal? What does direct US government equity in Venezuelan oil actually mean for American…

Advanced technologies, a return to domestic manufacturing, and the race to control energy production while also confronting surging demand for electricity. All of these factors mean that for the US, energy security and national security are increasingly centered on critical minerals. But the processing and refining of vital materials like copper, lithium, and graphite is largely done overseas, heavily concentrated in the hands of global competitors like China. This has sparked an urgent, bipartisan push to re-industrialize America and secure the supply chains necessary for everything from military defense to the AI revolution. So can public sector funding catalyze sustainable private enterprise without over-regulating the market? How much domestic mining, processing, and recycling can the US unlock quickly and safely? And what role can emerging baseload power technologies like advanced geothermal and small modular nuclear reactors play in meeting our soaring energy needs? Today on the show, Jason Bordoff…

Energy abundance means different things in today's global context than it did even a decade ago. It is about expanding electricity access while meeting rising energy demand. It is about navigating geopolitical fragmentation, limited government support, and shifting development priorities. And it is about leveraging new technologies to deliver reliable power at scale. But the challenge is not just technological. It is institutional and financial. Many low- and middle-income countries face high capital costs, limited access to financing, and policy frameworks that struggle to keep pace with growing demand. Solving this challenge is a priority for both the Center on Global Energy Policy and The Rockefeller Foundation. That's why this past spring the two organizations launched a high-level panel to advance "universal energy abundance," an idea that positions reliable, affordable energy as a cornerstone of economic growth, industrialization, and opportunity in emerging and developing economies. So what does it…

Abundance and affordability have become buzzwords among policymakers, who often have sharply different interpretations of how to attain them. To some, an energy abundance agenda means fewer regulatory barriers to produce more clean, cheap power. Others, however, question whether the narrative glosses over the hard trade-offs around land use, community concerns, or environmental impacts. Yet even as data centers, surging power demand, and rising electricity costs dominate public discourse around energy, how we talk about decarbonization in mainstream politics has radically changed. So what have we learned from major climate policies like the Inflation Reduction Act? And what does the trajectory of these policies say about the durability of climate politics today? Today on the show, Jason Bordoff speaks with Matthew Yglesias, who argues that energy policy cannot be siloed off as merely a climate issue—contending that clean energy progress is far more politically and economically durable when tied directly to…

It started last year as a pressure campaign at sea, with the United States seizing tankers as part of what President Trump called a "total and complete blockade" of vessels carrying Venezuelan crude subject to US sanctions. It crescendoed on January 3, when US forces captured Venezuelan President Nicolás Maduro, bringing him and his wife to New York on narcoterrorism charges. Since Maduro's removal, confusion remains over whether—and to what extent—the US is controlling the country's oil sector. But one thing is clear: despite holding the world's largest oil reserves, Venezuela is producing at a fraction of its former levels, and its path to recovery is anything but certain. A national tragedy has only added to the instability. In June, twin earthquakes claimed more than 5,000 lives. While the country's energy infrastructure did not sustain significant damage, the quakes exposed deep fault lines in the country's political leadership and served as a stark reminder of an already long-standing humanitarian…

Over the past five months, the Strait of Hormuz has been closed for extended stretches of time, disrupting roughly 10 to 15 million barrels of oil supply each day. It is the biggest energy supply shock in history, but global energy markets are defying historical expectations. Despite lost production and heightened geopolitical instability, crude oil prices are far below the catastrophic levels many analysts predicted early on. But beneath the headline numbers, the broader energy system tells a far more complicated story. Refining margins have spiked to unprecedented levels, global coal consumption is pacing toward a new record high, and the ways energy moves around the world are changing in real time as the crisis continues to unfold. So, why hasn't this massive disruption triggered a full-blown global economic crisis? What role are China's massive strategic stockpiles, shifting demand patterns, and the ongoing energy transition playing in dampening the shock? And what are the long-term security implications…

As the demand for power surges across the US, the debate over how to build energy infrastructure has reached a fever pitch. And while both sides of the aisle broadly agree that the current permitting process is broken, turning that consensus into actual ​legislation remains a challenge. So how do we define permitting reform, what does meaningful progress actually look like, and where do we stand today? Alan Armstrong is keenly focused on those questions. After spending his entire career in the energy industry, he was sworn into the US Senate in March, representing Oklahoma. (Oklahoma Governor Kevin Stitt appointed him after Markwayne Mullin resigned to become US secretary of Homeland Security. Per Oklahoma law, Armstrong cannot run for reelection.) Senator Armstrong spent 15 years as CEO of Williams Companies, one of the largest natural gas infrastructure firms in North America. He is also the former chair of the National Petroleum Council and a founding member of Natural Allies for a Clean Energy Future.…

Critical minerals sit at the intersection of energy technology, industrial competitiveness, and economic resilience. The issue has hit a fever pitch in the United States, driving the Trump administration to establish a $12 billion Strategic Critical Minerals Reserve and take other steps to support domestic mining projects. More broadly, G7 countries recently agreed to step up coordination to cut their countries' reliance on China for critical minerals. All of these moves are targeted at breaking China's stronghold on the sector, which it built over decades as the US largely turned away from securing a critical mineral supply chain. And it's not just about supply dominance, China is also using its strengths in the sector as a geopolitical weapon. Yet, questions remain over whether US investments to date, or international agreements, are stoking the level of private investment needed to compete with China. So what financial models could provide effective blueprints for quickly scaling mineral supply? Which…

Nearly a month after a ceasefire, the US-Iran deal seems to have all but collapsed as both nations have slipped back into active conflict. On Sunday, Tehran announced that the Strait of Hormuz is once again closed—a move President Trump immediately countered, stating the waterway will remain open "with or without Iran." Since then, both the US and Iran have reportedly begun new attacks, and the President said the US will reinstate its blockade to become the "guardian" of the strait, even floating a controversial plan to charge commercial ships to ensure their safe passage. We are in a critical window where both sides are aggressively trying to redefine their leverage in the Persian Gulf region, yet neither has fully abandoned the negotiating table. The U.S. can't maintain its high-stakes engagement indefinitely. So are we right back to square one? Is this perpetual state of uncertainty the new normal for the Strait of Hormuz? What realistic leverage does Washington still possess on the nuclear front? And…

In the 23 days since the US and Iran agreed to a ceasefire, strikes have returned, following a familiar pattern: Iran attacks vessels using an internationally backed sea lane in Omani territorial waters, the US retaliates against Iranian military infrastructure, and Iran strikes back at US bases across the region. This week, alongside funeral processions for the assassinated Ayatollah Ali Khamenei, both physical and verbal attacks escalated. Yet, both the US and Iran are still signaling they prefer diplomacy over a return to full-scale war. Despite this week's events, Brent crude oil prices are only $5 above levels that preceded the war. Some 200 million barrels of oil stranded on vessels and in storage have managed to exit the straits since late May. But this crisis is far from over. Inventories of crude oil and oil products have been severely depleted. The trapped oil that has exited Hormuz represents only several weeks of supply, perhaps eight million barrels per day of production remain shut in, and…

Grid operators sit at the center of many of the biggest forces reshaping the global energy system. They're navigating rising electricity demand, a lack of transmission infrastructure, shifting regulatory policies, and maintaining the tricky balance between affordability, reliability, and the need for dispatchable power. Both here in the US and around the world, operating a reliable and resilient grid—in the face of increasingly severe weather and complex interconnection demands—is more difficult than ever. And these challenges are felt well outside the power sector. Spiking utility rates in some regions have turned electricity into a major political issue. So, what does the future of grid planning tell us about the ultimate pace of the energy transition? How can system operators manage the surge in demand from AI and data centers without compromising reliability? And how can open-source grid planning tools help both developed and developing markets build a flexible power system for the next 30 to 50 years?…

Concerns about the affordability of electricity in the US have been rising along with prices. And while the headlines have pointed to AI and data centers as the underlying factors, the exact causes are more complex. The problem reflects a convergence of pre-existing structural failures, including inefficient infrastructure planning, utility incentives that are misaligned with cost efficiency, slow permitting times, and storm damage and wildfire costs. And now, higher electricity demand, including from data centers, is accelerating all of these pressures and adding some of their own. Today on the show, Bill Loveless speaks to Doug Arent and Robin Millican about their recent reports for the Center on Global Energy Policy that examine the structural roots of rising electricity prices and look at approaches to improving grid investments and resilience. Doug is a global fellow at the Center on Global Energy Policy and the emeritus executive director at the Foundation for the National Laboratory of the Rockies, a…

The energy transition is in the midst of its own transition. Spiking electricity demand and geopolitical events are driving up energy prices, while debates over the best sources of generation play out amid supply chain constraints and questions about whether or not the energy crisis in the Strait of Hormuz will accelerate a transition away from oil and gas. But underneath all those debates is a more basic question: do we have the data, evidence, and analytical clarity that is needed to understand where the energy world actually stands? Today on the show, Jason Bordoff speaks with Michael Cembalest about "Fighting Words: The Energy Transition in 2026," the latest installment of Michael's annual "Eye on the Market" energy report. It takes a hard look at the state of the energy transition and the many battles shaping the energy world today, from the so-called "primary energy fallacy," which can obscure how much useful energy renewables actually provide, to China's dominance in the sector, to the economics of…

Yesterday, the US and Iran signed a memorandum of understanding starting the clock on a 60-day truce. The agreement intends to halt attacks, begin lifting the US naval blockade, and restore commercial traffic through the Strait of Hormuz. But deep uncertainty remains over how energy will actually flow through the waterway—and over the ultimate fate of Iran's nuclear program. Add to this, an increasingly tense relationship between the US and Israel, which has said it does not consider itself bound by the MOU. And here in the US, political pressure could quickly shift Washington's calculations if the reopening of the Strait yields minimal strategic concessions on Iran's ballistic missiles, nuclear enrichment, and regional proxy networks. So what happens next? How will global energy markets and regional security adjust if this temporary truce collapses? Who ultimately holds the leverage in this next phase of the crisis? To address those and other questions about the ceasefire and the intersection of national…

The 109-day-old Iran crisis is heading toward an off-ramp in the form of a not-yet-public Memorandum of Understanding to reopen the Strait of Hormuz. While energy markets are celebrating with a sell-off, the actual operational future of the waterway chokepoint remains unclear. Navigable shipping corridors remain constricted by mines, hundreds of vessels are still trapped, and full recovery could take months. Furthermore, the ground rules have fundamentally shifted, according to reports that Iran intends to enforce its own regulatory protocols and collect mandatory "service fees" for passage. The global energy map has been deeply altered by a crisis that disrupted as much as 20 million barrels a day, revealing long-term vulnerabilities. How will this 60-day ceasefire window play out as negotiations face roadblocks over nuclear and sanctions issues? And how will the region's oil producers permanently adapt to this new phase of accommodation with Tehran? Today, host Daniel Sternoff sits down with Center on…

The clean energy transition had real momentum at the end of 2024. It was buoyed by federal support, billions of dollars of investment in new technologies, and broad acknowledgment of the costs of climate change caused by greenhouse gas emissions. But major roadblocks have emerged over the past 18 months. US support for some forms of clean energy was revoked. And rising energy costs, due in part to an urgent call for data center build-out, have made affordability a priority for many stakeholders. The challenge is truly daunting. Despite significant clean energy investments, some 80 percent of the world's energy is still derived from fossil fuels. Tariffs and supply disruptions have made clean energy infrastructure harder to build. So what does all of this mean for the speed and scale of the energy transition? How are businesses navigating so much instability when billions of dollars and decades-long infrastructure commitments are at stake? And what does this all say about whether the global energy system can…

For years, the energy transition was discussed as a shift that would happen in steady, predictable increments. But a massive surge in electricity demand in recent years—now colliding with a fracturing geopolitical landscape—has reshaped the global race for clean, reliable power. All this has pulled nuclear energy back to the center of the national conversation—with many policymakers from both sides of the aisle calling for a nuclear renaissance. But past multi-billion dollar cost overruns on traditional gigawatt-scale projects still hang over the sector, even as a novel pipeline of small modular reactors and other advanced nuclear technologies promise to reshape the grid. This has put renewed attention on whether the US regulatory system is ready for the scale and speed of what's needed. So what reforms are key to supporting the US nuclear energy sector? What needs to be done to ensure speed, safety, and predictability? And where do policymakers need to be careful to preserve the credibility, independence,…

Despite all the advancements we have achieved globally in recent decades, as many as 750 million people still lack access to electricity. Tackling energy poverty requires far more than linking communities to an electric grid. Closing the massive disparity in opportunity for people around the world will require building energy abundance, not just access. Energy is prosperity, and one way to measure it is by the Modern Energy Minimum. Developed by the Energy for Growth Hub, this benchmark posits that a truly modern life requires at least 1,000 kilowatt-hours per person, per year—10 to 20 times the amount typically used to define electricity access. Here at the Center on Global Energy Policy we're partnering with the Rockefeller Foundation to launch a High-Level Panel on Universal Energy Abundance. The panel is dedicated to providing decision-makers with the insights needed to drive industrialization, job creation, and broad-based prosperity across emerging economies. So how can we develop and invest in energy…

For years, the energy transition was discussed as a shift that would happen in steady, predictable increments. But the last 24 months have shattered that illusion. Energy providers now face extreme industrial volatility—where companies tasked with building the future of clean energy are also grappling with multi-billion dollar losses, supply chain fragility, and a sudden, massive surge in power demand. As the president and CEO of Siemens Energy, Christian Bruch sits at the epicenter of these contradictions. The company is a global giant, responsible for a massive portion of the world's power generation and transmission infrastructure. Yet, even a company of this scale has not been immune to the existential challenges of the modern energy market. In 2023, its wind division, Siemens Gamesa, suffered major technical and financial setbacks. Since then, Siemens Energy has staged a significant turnaround. Its wind business is back on track and Siemens Energy is seeing unprecedented demand for its gas turbines and…

The Iran crisis is in its 80th day. Right now, roughly 1,500 vessels laden with oil, natural gas, fertilizers, and oil products sit trapped in the Persian Gulf by a dual US-Iranian blockade. One thing is certain: prolonging this standoff for another 80 days risks triggering profound global economic consequences. Global oil inventories are depleting fast and are projected to hit critical levels by the end of June. For the Trump administration—caught between accepting Iranian power over the Strait of Hormuz or risking a major military escalation—the path of least resistance may be to keep maintaining a naval blockade of Iranian oil sales to China. The stakes escalated further this month when Washington sanctioned Hengli Petrochemical—China's second-largest independent refiner—prompting Beijing to retaliate with unprecedented blocking rules against US sanctions. How will this high-stakes standoff play out in the coming weeks? And how will the worsening US-China rivalry reshape the Middle East conflict? Today,…

Much of the world's attention today is understandably focused on conflict in the Middle East, and the immediate implications for energy markets and global security. But other regions remain strategically important because of critical minerals, emerging shipping routes, military positioning, and energy security. Among these regions are Greenland and the broader Arctic. The far north is key to geopolitical competition among the United States, China, and Russia. Though it has fallen out of the recent news cycle, President Trump put Greenland and its resources in the spotlight last year by calling for US control of the Danish territory. So how significant are Greenland's energy resources and geography? How should we think about its mineral resources in the context of supply chains and China? And how might the Arctic's fast-changing climate affect the region's communities, culture, and geopolitical importance? Today on the show, Bill Loveless speaks with Iris Ferguson about Greenland's strategic significance, and…

In moments of geopolitical crisis, energy is never just a backdrop. It's often at the center of the story. Today, as conflict involving Iran sends shockwaves through global oil markets and raises fears of supply disruptions, the stakes for policymakers in Washington couldn't be higher. Prices are rising, risks are multiplying. And as we've seen in recent weeks, there are no easy solutions when energy and national security collide. So what does effective decision-making look like inside the White House at times like these? Today on the show, to help answer that question, Bill Loveless speaks with Bob McNally and Jason Bordoff. Both of them served as energy advisors during past US administrations. They joined Bill to reflect on what they learned about navigating energy crises from inside the White House. Bob McNally is the founder and president of Rapidan Energy Group, an independent energy consulting and market advisory firm. From 2001 to 2003 he served on the White House National Economic Council as special…

It has been a tumultuous 24 hours for the global energy landscape. Yesterday, the United Arab Emirates sent shockwaves through the oil industry by announcing its withdrawal from OPEC, marking a historic break with Saudi Arabia in the midst of the ongoing regional crisis. This move comes as the Strait of Hormuz remains almost entirely shut, with the US intensifying its naval blockade and threatening to cut off major Chinese banks from the US financial system to halt the processing of Iranian oil. Despite a diplomatic impasse, the physical realities of the market are reaching a breaking point. Brent crude is trading over $118 a barrel, near its wartime highs, and gasoline prices in the US have climbed to an average of $4.22 a gallon—its highest level ​since the beginning of the Russia-Ukraine war. With the world burning through crude inventories and jet fuel costs in Asia more than doubling since the Iran war began, the oil market appears to be losing hope for a swift reopening of the strait, forcing a painful…

In this special episode Jason Bordoff, founding director of the Center on Global Energy Policy, sits down with Robin Pomeroy, host of the World Economic Forum podcast, Radio Davos, to talk about the global and likely lasting impacts of the current energy shock. This episode is a crosspost originally published by Radio Davos. During the first weeks of the war in Iran, most analysis focused on the immediate energy shock it triggered. To explore the longer-term implications of the conflict, Jason and Meghan O'Sullivan, director of the Belfer Center for Science and International Affairs at Harvard's Kennedy School, recently co-authored a piece for Foreign Affairs titled, "The Iran Shock, And the Dangerous Allure of Energy Autarky". Jason joined Robin Pomeroy to discuss the article and how the largest oil supply disruption the world has ever seen is impacting near-term energy security while fundamentally reshaping the future of the industry. (Unfortunately, Meghan O'Sullivan was unable to join the recording due…

The global order that shaped the past several decades is giving way to a more fragmented and uncertain world. Long-standing alliances are under strain, economic integration is giving way to competition, and geopolitical risk is once again a central driver of markets and policy. These shifts are not abstract. They are reshaping trade flows, disrupting supply chains, and contributing to volatility in energy markets and the broader economy—affecting everything from fuel prices to the cost of goods. So, how might great power competition, geopolitical fragmentation, artificial intelligence, and global instability redefine the international landscape? And what will that mean for policymakers, businesses, and the global energy system? This week's episode features a fireside chat between Jason Bordoff and Ian Bremmer from the Columbia Global Energy Summit 2026, which was hosted by the Center on Global Energy Policy at Columbia University SIPA and recorded earlier today. Jason and Ian examine the Iran crisis, the…

It's been a head-spinning day in the Iran war. Earlier today, following a temporary truce between Lebanon and Israel, Iran announced that the Strait of Hormuz would be "completely open" to commercial shipping during this ceasefire. Initial reactions from President Donald Trump were optimistic, but that gave way to some confusion about what "open" actually means in practice. The president later clarified that the existing U.S. blockade on Iranian vessels would remain in place. Despite the confusion, markets responded quickly. Brent crude dropped below $90 a barrel for the first time in weeks, though prices are still meaningfully elevated relative to pre-war levels. Even with the reprieve, much uncertainty looms as the U.S.-Iran ceasefire deadline of next Tuesday, April 21, approaches So, what does this moment tell us about the future of energy security? How durable is the current ceasefire? And what energy system will this crisis leave behind? Today on the show, host Jason Bordoff talks with Amos Hochstein…

With an April 21 deadline looming, the Middle East remains suspended in a volatile state of war and peace. Regional mediators are scrambling to broker a second round of US-Iran talks before the current two-week ceasefire expires, hoping to narrow gaps over nuclear ambitions and the Strait of Hormuz to buy critical time for a lasting truce. In this episode of Iran Conflict Brief, Daniel Sternoff is joined by Mohammad Ali Shabani to analyze the shifts in Tehran's decision-making and the precarious future of the current diplomatic reprieve. Shabani, editor of Amwaj.media and a veteran analyst of Persian Gulf power dynamics, provides a rare look inside the competing circles of influence in Tehran. He and Daniel address a fundamental question: if the regime survives this conflict, can the Islamic Revolutionary Guard Corp ever pivot away from its "resistance" ideology, or is holding global energy flows hostage now an existential pillar of its survival? Credits: Hosted by Daniel Sternoff. Produced by Mary Catherine…

Energy abundance means different things in today's global context than it did even a decade ago. It is about expanding electricity access while meeting rising energy demand. It is about navigating geopolitical fragmentation, limited government support, shifting development priorities, and leveraging new technologies to deliver reliable power at scale. But the challenge is not just technological. It is institutional and financial. Many low- and middle-income countries face high capital costs, limited access to financing, and policy frameworks that struggle to keep pace with growing demand. Solving this challenge is a priority for both the Center on Global Energy Policy and the Rockefeller Foundation, which together have launched a new high-level panel to advance universal energy abundance. This initiative positions reliable, affordable energy as a cornerstone of economic growth, industrialization, and opportunity in emerging and developing economies. So what does it take to move from energy scarcity and…

The conflict in Iran is a reminder of how quickly global energy markets can be disrupted. It also underscores why advances in things like battery technology — from electric transportation to grid-scale storage — are becoming central to energy resilience and security. It has been about 50 years since British chemist Stanley Whittingham laid the foundation for the first lithium-ion battery at an Exxon research lab in New Jersey. In 2019, he and two other scientists, John Goodenough and Akira Yoshino, earned a Nobel Prize for the breakthrough. By then, lithium-ion batteries had transformed consumer electronics and a growing segment of the transportation sector. And today, battery storage is playing an increasing role in supplying new capacity to the eclectic power sector. So what is the state of battery innovation today? Are there battery chemistries that could dethrone lithium-ion technology? How do mineral availability and environmental health play into the battery market? And what does the federal…

On the eve of President Trump's deadline for Iran to reopen the Strait of Hormuz, the global energy landscape faces a moment of unprecedented risk. With dated Brent crude already surging past $140 a barrel, the threat of tit-for-tat infrastructure strikes looms over the region. In this episode, Daniel Sternoff speaks with Ali Ansari about what's happening in Iran, how decisions are getting made, and how the regional energy landscape is being permanently reshaped. The conversation delves into the fractured state of Iranian decision-making following the death of Khamenei and the rise of the Islamic Revolutionary Guard Corps as both a military and a corporate hegemon. Ali explains how the IRGC's "mosaic defense" strategy has devolved operational command to local levels, creating a political system that struggles to coordinate even basic utilities like gas and water for its citizens. Ali Ansari is a professor of Iranian history and the founding director of the Institute for Iranian Studies at the University of…

While US and Israeli forces have significantly degraded Iran's military and nuclear capability, the global energy landscape remains in a precarious position. For weeks, the Strait of Hormuz has been effectively shut to tanker traffic, causing physical markets to tighten and rationing to spread across Asia. With the US considering an "off-ramp" to declare victory, the world faces a critical dilemma: can the global economy survive a peace that leaves Iran in control of the world's most vital maritime chokepoint? In this episode of the Iran Conflict Brief, host Daniel Sternoff speaks with Robin Mills to provide a view from the ground in Dubai. They discuss the reality of living under frequent drone and missile alerts, the "tit-for-tat" targeting of industrial infrastructure, and what it would take to reopen the Gulf. They also explore the long-term threat to the GCC's economic diversification models and the potential multi-year recovery timeline for regional LNG production. Robin Mills is a Dubai-based…

During President Trump's second term, the administration has taken unprecedented action in the US private sector. The federal government's investments in critical mineral mining and chip manufacturing are two examples. The Trump administration has also embraced tariffs, framing them as tools for economic security and a domestic industrial revival. This shift toward state intervention into private markets, done in the name of national security and economic security, has some bipartisan support. It also has major implications for energy security and the clean energy transition. So how can this new form of American state capitalism be conceptualized? Is the Trump administration's use of these tools different from prior US government programs to support critical industries, like the Biden-era investments under the CHIPS Act? And what are the best strategies for aligning industrial policy with goals around energy security, supply chain resilience, and innovation? Today on the show, Jason Bordoff speaks with…

Today marks the last day of CERAWeek, the annual energy industry conference sometimes described as the Davos of energy. As oil and gas CEOs and government officials gathered in Houston, efforts to broker a ceasefire in Iran failed, and US oil and gasoline prices whipsawed. Speaking at the conference, Energy Secretary Chris Wright said that the current supply disruptions would be short term, framing rising energy costs as a trade-off for the administration's goal of regime change in Iran. Meanwhile, some oil and gas CEOs warned of coming shortages and said the supply shock is not yet reflected in energy prices. So, aside from a prevailing sense of instability, what are the takeaways from this year's CERAWeek? Where is the energy crisis headed from here? What have the supply shocks changed about how the industry thinks about risk and resource planning? How are events in the Gulf affecting the renewable, coal, and nuclear energy markets? And what does it all mean for global energy security? Today, in a special…

The month-long Iran conflict has rapidly expanded, drawing in actors across the Middle East and raising concerns about broader regional escalation. As a result, we're seeing impacts on energy markets around the world, including across the Indo-Pacific. Roughly 80% of the oil and gas flowing through the Gulf is destined for Asia, and disruptions are already being felt in major importing economies like Japan and South Korea, which remain heavily dependent on Middle Eastern supplies. But the consequences go beyond energy. The crisis is also adding a new layer of complexity to the U.S.-China relationship—reshaping how Beijing thinks about risk, security, and its role in an increasingly unstable global system. So how is China interpreting these developments? What do they mean for the Indo-Pacific—both in the near term and over a longer horizon? And how might China's approach to energy security, supply chains, and statecraft position it in a more volatile world? Today on the show, Jason Bordoff speaks with Kurt…

Nearly a month in, the conflict in Iran appears to have hit a critical inflection point. Over the weekend, President Trump gave Iran a 48-hour ultimatum to open the Strait of Hormuz or face strikes on its power infrastructure, which Iran credibly warned would trigger reciprocal attacks on GCC energy infrastructure. President Trump then postponed those strikes after what the administration described as productive talks with Iran on ending the conflict—talks that Iran denied are happening. Meanwhile, a supply shock of historic proportions is unfolding. Some 16% of world oil supply has been disrupted, more than double the volume disrupted during the 1970s oil shock. And a fifth of world LNG supply has been shut in, affecting 50% more volume than the 2022 Russian gas crisis. The world's largest release of strategic oil inventories will buy weeks but not months for most advanced economies. In this episode of the Iran Conflict Brief, host Daniel Sternoff speaks with Greg Sharenow about how the energy shocks are…

As the conflict in ​the Middle East enters its 20th day, events on the ground have shifted into a critical new phase marked by direct strikes on core​ energy infrastructure. With the Strait of Hormuz closed for three weeks, effectively bottling up nearly a fifth of the world's oil and LNG supply, recent escalations have turned the crisis from energy flow disruptions to potentially long-term physical damage. Following Israeli strikes on the South Pars gas field in Iran, retaliatory attacks hit Qatar's Ras Laffan—the world's largest LNG plant—and key energy assets across the UAE, Kuwait, and Saudi Arabia. Crude oil and natural gas prices have surged, signaling a shrinking toolkit for policymakers struggling to contain price volatility. In this episode of the Iran Conflict Brief, host Daniel Sternoff ​t​alks with Anne-Sophie Corbeau to analyze the impact of these infrastructure attacks on global LNG supplies and energy security. They discuss the extent of the damage to Qatari and Iranian production facilities…

The climate policy landscape in the US is in flux. Last month, the Environmental Protection Agency repealed its own power to regulate greenhouse gases. Two weeks later, the Supreme Court said it will hear a case which the city of Boulder, Colorado, brought against the oil companies ExxonMobil and Suncor that could determine the fate of lawsuits brought by cities and states against fossil fuel companies over damages from climate change. Since its adoption in 2009, EPA's endangerment finding — which says that greenhouse gases harm public health and welfare — had formed the legal foundation for major federal climate regulations. In announcing its rescission, EPA Administrator Lee Zeldin called it the largest single deregulatory event in US history. But the repeal may be held up in courts for years, and it's just one piece of a complicated regulatory puzzle. Petitions for review challenging the EPA's rescission of the endangerment finding are due in just over a month. So how might these major policy swings play…

As the US-Israeli military campaign against Iran enters its third week, the complexities of the global energy landscape are deepening by the hour. Shut-ins of Middle Eastern upstream oil production are now approaching 10 million barrels per day, 20% of the world's liquefied natural gas remains shuttered, and the Strait of Hormuz is effectively closed to normal maritime traffic. And while a historic 400-million-barrel release from the US Strategic Petroleum Reserve helped blunt oil prices from rising further over a hundred dollars per barrel, flow rate limitations mean such stockpiles may only meet one fifth of the ongoing daily disruptions. In this episode of the Iran Conflict Brief, host Daniel Sternoff sits down with Richard Nephew to give an update on the latest events in Iran. They provide an analysis of the ongoing military strikes, including the recent US targeting of Kharg Island and Iran's retaliation against the UAE's Fujairah port. Richard is a senior research scholar at the Columbia Center on…

In energy markets, all eyes are on the Strait of Hormuz. As of March 11, 2026, this vital passage is effectively closed to tanker traffic, stranding almost a fifth of world supplies of crude oil, oil products, and liquefied natural gas. Yesterday, oil prices retreated sharply on a tweet from US Energy Secretary Chris Wright, claiming that the US Navy had escorted a tanker through Hormuz. That tweet was retracted, and was followed by reports that US intelligence had detected signs Iran had begun placing mines in the Strait. To help sort through the quickly-changing events in the Middle East and dig into how they impact energy security, we are launching a new, limited series of the Columbia Energy Exchange podcast: the Iran Conflict Brief. To kick off the series, Daniel Sternoff, a senior fellow at the Center on Global Energy Policy, speaks with Mike Knights about what needs to happen in order for oil and gas flows to resume through the Strait of Hormuz. Mike is an expert on Gulf and Middle East security and…

The conflict in the Middle East is evolving with incredible speed, creating a landscape where the complexities of understanding both immediate and long-term outcomes have never been greater. W​e'll still be here every Tuesday for our deep-dive conversations​ on the global energy landscape. But the ​speed of events in Iran and ​across the region demands a different kind of coverage. That's why we're launching a new limited series:​ the Iran Conflict Brief. It's a rapid-response ​p​odcast ​hosted by ​Daniel Sternoff and other experts from Columbia​ University SIPA's Center on Global Energy Policy​. ​In conversations with other leading voices, we're going to ​help answer the biggest questions of the day in ​30 minutes or less. From the latest on​ policy shifts to ​g​lobal energy markets and geopolitical dynamics—we're tracking it all. Look for the first episode of the Iran Conflict Brief right here in your Columbia Energy Exchange feed.

Since the US-Israeli bombing campaign began in Iran, energy markets around the world have been on edge as the conflict threatens immediate and long-term energy supplies. We've seen major disruptions throughout the Gulf region, with the closure of the Strait of Hormuz and massive price spikes and swings in oil and natural gas. This is of course exposing serious vulnerabilities across global energy markets and it's putting a spotlight on what's happening in the deeply integrated markets of Russia and China. Even before the conflict started, Russia's energy sector was struggling under the weight of infrastructure damage inflicted by Ukrainian forces. But now Russia has emerged as an unlikely safety valve for the market, benefiting from the massive supply shortages. Meanwhile, China finds itself in a precarious balancing act; it is being forced to look at alternative markets for relief and is reportedly reviving discussions around major energy projects, such as the Power of Siberia 2 natural gas pipeline with…

On February 28, the United States and Israel launched a campaign against Iran targeting military infrastructure and the regime's core leadership. Supreme Leader Ayatollah Ali Khamenei and several senior officials died in the attacks, which triggered a leadership crisis and inflamed tensions throughout the Middle East. In the immediate aftermath, Iran launched extensive barrages of drones and ballistic missiles aimed at Israel, US military bases, ​and other targets in neighboring Gulf states. Energy prices rose sharply. This regional shift carries immediate and enduring consequences for global geopolitics and the stability of international energy flows. ​The outcome of the conflict—and the ultimate fate of the Iranian regime—remains deeply uncertain. Even with these open questions, the trajectory of this escalation will likely redefine the future of Middle Eastern security, global power dynamics, and the world's energy markets. How is the conflict evolving, and how might it end? What are the impacts on Gulf…

President Trump has aggressively used tariffs as an economic tool, but a US Supreme Court decision on Friday struck down his sweeping tariffs, bringing new uncertainty. The court, in a 6-to-3 decision, ruled that the president had exceeded his authority when he imposed tariffs on nearly every US trading partner last year. President Trump moved swiftly to work around the court by imposing levies using other trade powers. On Saturday, Trump said that he would raise the new global tariff rate to 15%, using a provision in a law that allows him to impose an across-the-board tariff. This measure can only be enacted for 150 days unless Congress agrees to extend it. Trump also said he would use the act to investigate other countries' unfair trade practices, which could result in additional tariffs. What does the Supreme Court ruling mean for the president's ability to wield tariffs for geopolitical pressure? How will this impact US trading partners and existing trade deals? And what about the impact on the energy…

Under the second Trump administration, the US Department of Energy significantly shifted its priorities to align with its "energy dominance" agenda. But one significant point of continuity with the Biden years is a continued emphasis on energy security. Energy security means different things today than it did even a decade ago. It's about competing in the global race for artificial intelligence, reshoring manufacturing supply chains, and keeping the lights on as extreme weather events become more frequent and more destructive. But the administration's efforts to bolster energy availability at a time of surging load growth has included emergency orders to keep coal-fired power plants operating. And it has pulled back funding for new energy transmission projects that it says will not quickly lower energy costs for US consumers. So when it comes to the administration's energy dominance agenda, what are the trade-offs between security and speed? What does the administration's waning support for renewables and…

The Trump administration has prioritized nuclear energy expansion, aiming to increase US nuclear capacity fourfold by 2050. This nuclear energy resurgence in the US is a rare issue with bipartisan support, and tech companies have poured billions of dollars into sustaining nuclear power plants and building new reactors to supply AI data centers. But accelerating nuclear power could mean changing environmental and safety reviews. And small modular reactors and other innovations in nuclear energy are likely years from commercial readiness. So is there a way to reinvigorate nuclear energy in the US that's safe and fast? What would that mean for the power sector and the communities that support plants today, and future sites? Are there any signs that new technologies could address the perennial questions around nuclear safety? And what does all of this mean for national security and energy policy? Today on the show, Bill Loveless speaks with Laura S. H. Holgate, Ambassador (ret.) about the state of nuclear energy…