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Interview with Spencer Dale
Filippo Gaddo, Managing Director at MAP and SPE member, held a discussion with Spencer Dale, Chief Economist at BP and former Bank of England MPC Member.
In the interview, Spencer and Filippo discuss the outlook for the energy sector and the value of scenarios in mapping future outcomes and how they can help to support decision making.
The Energy Trilemma is alive and well, argues Spencer, and it was always so from the point of view of most developing and emerging economies; in more advanced economies it was Covid, the Russian invasion of Ukraine and the following energy crisis that reminded policymakers of how important energy security and affordability remain. However, we should not forget that the trajectory of carbon emissions reduction also matters: it is the overall amount of emissions under the curve that affect climate and so we should ensure all efforts continue to implement policies to both reduce energy demand and deploy technologies that meet such demand in the most efficient and low carbon way possible.
That balance between efforts on the demand versus supply side is the heart of the matter as pushing too hard for change [whether in cutting demand or in reducing the use of fossil fuels during the transition] may undermine the long-term goal by forcing unrealistic policies or targets.
In the end the solution is one that meet energy, technology but also socio-economic objectives.
It is a fascinating discussion on the future of energy from one of the foremost experts in the field.
Spencer Dale is BP chief economist since October 2014. Prior to that, Spencer was chief economist of the Bank of England and a member of the Monetary Policy Committee. He joined the Bank of England in 1989 and served in numerous roles, including private secretary to Mervyn King and head of economic forecasting.
Spencer served as a senior advisor at the US Federal Reserve Board of Governors between 2006 and 2008.
He was educated at the University of Wales, gaining a BSc in Economics in 1988 and at the University of Warwick, gaining an MSc in Economics in 1989, whereupon he immediately joined the Bank of England.
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By Society of Professional EconomistsFilippo Gaddo, Managing Director at MAP and SPE member, held a discussion with Spencer Dale, Chief Economist at BP and former Bank of England MPC Member.
In the interview, Spencer and Filippo discuss the outlook for the energy sector and the value of scenarios in mapping future outcomes and how they can help to support decision making.
The Energy Trilemma is alive and well, argues Spencer, and it was always so from the point of view of most developing and emerging economies; in more advanced economies it was Covid, the Russian invasion of Ukraine and the following energy crisis that reminded policymakers of how important energy security and affordability remain. However, we should not forget that the trajectory of carbon emissions reduction also matters: it is the overall amount of emissions under the curve that affect climate and so we should ensure all efforts continue to implement policies to both reduce energy demand and deploy technologies that meet such demand in the most efficient and low carbon way possible.
That balance between efforts on the demand versus supply side is the heart of the matter as pushing too hard for change [whether in cutting demand or in reducing the use of fossil fuels during the transition] may undermine the long-term goal by forcing unrealistic policies or targets.
In the end the solution is one that meet energy, technology but also socio-economic objectives.
It is a fascinating discussion on the future of energy from one of the foremost experts in the field.
Spencer Dale is BP chief economist since October 2014. Prior to that, Spencer was chief economist of the Bank of England and a member of the Monetary Policy Committee. He joined the Bank of England in 1989 and served in numerous roles, including private secretary to Mervyn King and head of economic forecasting.
Spencer served as a senior advisor at the US Federal Reserve Board of Governors between 2006 and 2008.
He was educated at the University of Wales, gaining a BSc in Economics in 1988 and at the University of Warwick, gaining an MSc in Economics in 1989, whereupon he immediately joined the Bank of England.