Let’s Talk Energy and explore what could be a historic COP climate gathering in Brazil through a closer look at one of the most interesting areas of the ongoing discussions – carbon markets.  

COP30 kicked off in Belém in Brazil on 10 November amidst a groundswell of so-called climate pragmatism that has seen business leaders and politicians shift their attention from aggressive emissions reduction to goals like energy security, affordability and community development. President Donald Trump has again pulled the US out of the Paris Agreement, meaning there is no official delegation from the US attending the conference, though many American politicians and executives will attend. One important area in the discussions will be how to develop markets for nature-based solutions – including preserving existing forests or mangrove swamps, as well as planting new ones – which proponents say can limit emissions more quickly and at lower cost. 

Will the absence of an official US delegation impact the COP30 proceedings? 

Will the rise in climate pragmatism lead to more measured rhetoric and pledges in Belem?    

How has a COP29 breakthrough on regulating carbon credits impacted the market for offsets over the past year and what further refinements could be in store? 

Further Analysis 

AI's energy appetite takes center stage ahead of COP30 (accessible for non-clients) 

Updated climate targets could deliver a 25% reduction in global CO2 emissions (accessible for non-clients)     

Nationally Determined Contributions – COP30 Special Report (clients only) 

Brazil's energy horizon - COP30 special report (clients only)    

Insights Summary: Global Energy Scenarios 2025 (clients only)    

Carbon market update: Credit activity accelerates towards end of year (clients only)    

EU’s 5% allowance in climate deal signals step-change in future credit needs (clients only)    

Voluntary carbon market changing as developers drive new multipolar era (clients only)    

Related Episodes 

Dawning of the next era of energy 

Shell’s Peter Wood on AI, future energy scenarios and trade turning points. 

Shipping has a plan to go green, but will it work?

Produced by: Laura Rodriguez Skaug & Både Og.

Executive producers: Noah Brenner, Elliot Busby, Evodie Fleury-Greaker & Erik Means.

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Let’s Talk Energy and uncover how companies have created value in the energy industry in the past and how they can do it in the future. Energy has not been the most popular industry for investors over the past decade or more, as the share of energy companies in the broader stock market has declined relative to industries like technology or healthcare. Nevertheless, some energy companies have performed exceedingly well, both in traditional and transition sectors. With power demand set to surge and forecasts showing oil and gas will likely remain relatively resilient through the transition, key areas of the energy industry are set for lasting success.  

What is value creation in the first place and what separates a successful company from one that may be struggling? 

Which parts of the energy industry have outperformed so far this year and which ones might thrive in the year ahead?  

What are some structural and strategic trends we’re watching that could set up companies for success over the next five years?  

Further Analysis:  

Lower profitability puts pressure on E&P investments and buyback program (accessible for non-clients)   

Global PPA Price Outlook: Key trends shaping the market (accessible for non-clients)     

Rystad Talks Energy | Capital Power: Data centers, electrification and the future of energy investments  (accessible for non-clients)   

What will define the energy supply chain success in years to come? (clients only)   

EMEA Summit 2025: Three final ideas (clients only)  

Related Episodes 

Energy transition vs. energy addition with Jarand Rystad  (Let’s Talk Energy Podcast)

The Energy Transition: Where’s the Money? ( The Next Five FT)

Produced by: Laura Rodriguez Skaug & Både Og.

Executive producers: Noah Brenner, Elliot Busby, Evodie Fleury-Greaker & Erik Means.

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Let’s Talk Energy and explore the fourth edition of Rystad Energy’s annual Global Energy Scenarios report. The report is a comprehensive look at the ways our energy and climate world could evolve through a set of potential pathways, ranging from a rapid and ambitious energy transition to a slower shift where reliance on fossil fuels is larger for longer. This year’s report, titled The Next Era of Energy, highlights some of the consequential shifts we are already seeing in the energy system and which countries are moving more quickly – or more slowly – than their neighbors. It comes just ahead of the much-anticipated COP30 conference in Brazil, where nations will present their more ambitious climate targets against a backdrop of increasing opposition to transition policies, particularly in the US.  

What can these scenarios tell us about what our energy future might look like and the signposts we should be focusing on to recognize the direction of travel?  

What trends are most important in shaping the global energy sector and which countries are leading those trends? 

How long could the evolution toward this new era take and what does it mean for the energy mix during that process?  

Further Analysis 

Insights Summary: Global Energy Scenarios 2025 (accessible for non-clients)  

The future for energy markets (accessible for non-clients)  

Global Energy Scenarios 2025 (clients only)  

House View Briefing Report – First Edition (clients only)  

Energy Macro Report – Renewables and Power Outlook 2025 (clients only)  

Related Podcasts 

Shell’s Peter Wood on AI, future energy scenarios and trade turning points 

The future of global energy demand, with Claudio Galimberti and Jorge Leon 

Energy transition vs. energy addition with Jarand Rystad 

Produced by: Laura Rodriguez Skaug & Både Og.

Executive producers: Noah Brenner, Elliot Busby, Evodie Fleury-Greaker & Erik Means.

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Let’s Talk Energy and take a deep dive into the epicenter of the global energy industry, the Middle East, ahead of the massive ADIPEC energy conference in Abu Dhabi, with Aditya Saraswat, Research Director for the Middle East & North Africa region, and Valerie Panopio, Commodities Markets VP. Energy strategies in the region have been rapidly evolving over the past five years. When much of the Western world was limiting investment into new volumes of oil and gas, Middle Eastern countries were expanding their production, despite lower near-term prices. Yet, the next phase of oil and gas development in the region is poised to look very different than the giant onshore fields that have fed global markets for decades.  At the same time, countries in the Middle East are rapidly scaling renewable power and harnessing artificial intelligence to make their energy production cleaner and more efficient.  

Where does the additional oil from the Middle East that will be needed by global markets come from? How could countries leverage rising gas production domestically and abroad?  What does a modern energy mix in the region look like? What do these shifts mean for the companies working there, OPEC+ production policy and global markets? 

Further Analysis: 

Middle East energy sector flexes for the future (accessible for non-clients) 

Saudi Arabia slashes crude burn, taps gas for power generation by 2030 (accessible for non-clients) 

Middle East to overtake Asia in gas output in 2025, become second-largest region globally  (accessible for non-clients) 

Fewer refineries, greater capacity: Middle East and Asia lead the charge (accessible for non-clients) 

Middle East leads pack in future greenfield capex and sanctioning activity (clients only) 

Middle East energy sector flexes for the future (clients only) 

OPEC+ strategy shifts: From price support to market share (clients only) 

In discoveries and FIDs, Middle East is 2025’s first-half global standout (clients only) 

Gas and Renewables: The Middle East’s energy balance for the future (clients only) 

NOCs push upstream, refining investment as majors balance capex with returns (clients only) 

Refined Products Trade Flow Report – October 2025 (clients only)

Produced by: Laura Rodriguez Skaug & Både Og.

Executive producers: Noah Brenner, Elliot Busby, Evodie Fleury-Greaker & Erik Means.

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Let’s Talk Energy as we take a closer look at Australia’s power markets, which have become the most volatile in the world, with the Head of Rystad Energy’s business in Australia, Gero Farruggio. 

Australia has large domestic reserves of coal and natural gas and some of the best wind and solar resources in the world. However, the country still faces wild swings in power prices and potential supply shortages. Some of Australia’s states and territories have the most volatile power markets globally, including some of the longest periods of negative power prices. The country’s climate goals and energy policy are a contentious domestic issue and likely to come under global scrutiny as Australia pushes to host the COP 31 climate conference next year.

What is causing Australia’s highly variable power prices? Are they likely to continue? Will the government keep to its ambitious goals for renewable power capacity or turn to other sources to ensure stable supply and affordable prices? What can other countries struggling to integrate growing shares of renewable power learn from Australia’s experience? 

Further Analysis:

Australia’s nuclear debate to shape election, but immediate energy security hinges on gas (accessible for non-clients)

Data center developers eye remote Western Australia’s green power potential (clients only)

Rising renewables decouple South Australia’s electricity prices from gas (clients only)

Australia faces rising curtailment as new solar outpaces batteries (clients only)

50% renewables within reach for Australia’s NEM (clients only)

Australian election a win for renewables and a hard stop for nuclear  (clients only)

Produced by: Laura Rodriguez Skaug & Både Og.

Executive producers: Noah Brenner, Elliot Busby, Evodie Fleury-Greaker & Erik Means.

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Let’s Talk Energy and welcome our first special guest, Shell’s Chief Energy Advisor, Peter Wood. Peter joined us on the sidelines of the Rystad Energy 2025 EMEA Summit in London to discuss how AI is impacting the evolution of energy, the role of major oil companies in that evolution and the challenges of navigating a rapidly changing future. Is AI a solution or a hurdle in achieving climate targets? How are incumbent energy companies trying to balance the demands of investors today, while also developing expertise in tomorrow’s markets? How will more competitive economic and geopolitical landscape impact both energy and climate?

Further analysis: 

Shell’s Energy Scenarios (non-clients)

AI energy demands could bring benefits not just burdens (non-clients)

Power-hungry data centers aim for net zero with flexible fuel cells (clients only)

Can surging US power demand turn country into next 'Electrostate'? (clients only)

Supermajor Corporate Strategy Report - Shell (clients only)

Let’s Talk Energy is a Rystad Energy Production.

Produced by: Laura Rodriguez Skaug & Både Og.

Executive producers: Noah Brenner, Elliot Busby, Evodie Fleury-Greaker & Erik Means.

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Let’s Talk Energy and unpack the curious trend of China stockpiling crude oil, with commodities market expert Lin Ye. This year, China has consistently bought more crude than it needs, socking away the extra into storage. In some months, the country has added more than a million barrels per day. This unexpected source of global demand has helped keep crude prices buoyant despite OPEC+ rapidly unwinding its voluntary supply cuts, plus growing production from non-OPEC+ sources like Brazil and Guyana. So, how much oil is China putting into storage? How has this impacted oil prices and trade flows? Why are Chinese refiners stocking up, and how long might they keep it up?

Further Analysis:

Fueling a nation: China's 'Big Three' NOCs drive energy security and innovation (accessible for non-clients)

Fewer refineries, greater capacity: Middle East and Asia lead the charge (accessible for non-clients)

China’s crude stockpiling backstops global oil prices (clients only)

Chinese demand keeping Venezuelan barrels afloat amid US sanctions (clients only)

Dubai backwardation builds on geopolitical tensions and OPEC+ supply surge (clients only)

Oil Market Monthly Demand Report – September 2025 (clients only)

Let’s Talk Energy is a Rystad Energy Production.

Produced by: Laura Rodriguez Skaug & Både Og.

Executive producers: Noah Brenner, Elliot Busby, Evodie Fleury-Greaker & Erik Means.

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Let’s Talk Energy and navigate the contentious plan to decarbonize the shipping industry with Rystad Energy clean shipping experts Jo Friedmann and Junlin Yu. Shipping is a vital part of the global economy, with 80-90% of trade traveling by sea. It is also a material source of carbon emissions – 2-3% of the global total – and one of the hardest sectors to electrify. Shipping’s governing body, the International Maritime Organization (IMO) has an ambitious plan to incentivize shipowners to hit net zero by 2050, but – as with all such proposals - the details matter. The IMO will meet from 14 October to vote on the plan, but it’s under increasing pressure from the Trump administration, which has threatened an array of tariffs, port duties and even visa restrictions on countries that support it. Will the IMO’s plan, as it’s laid out today, push the shipping industry into a greener future without adding too much cost for owners or consumers? Which fuels could be the winners in the race to provide low-carbon alternatives, and how could shipowners’ choices influence the broader market? Can the proposal overcome US opposition and what happens if it doesn’t? 

Further Analysis:

Navigating net-zero: Biofuels promise cleaner shipping, but supply is limited  (accessible for non-clients)

IMO Net-Zero Framework Condensed Report (accessible for non-clients)

IMO Net-Zero Framework Report (clients only)

Clean Shipping Report – 2Q 2025 (clients only)

Biofuels make for cost-effective options under IMO’s Net-Zero Framework  (clients only)

IMO versus FuelEU Maritime: How do the two frameworks compare? (clients only)

How will the latest IMO policy impact low carbon fuels? (clients only)

Executive producers: Noah Brenner, Elliot Busby, Evodie Fleury-Greaker & Erik Means.

Let’s Talk Energy and focus on carbon capture, utilization and storage with Yvonne Lam, Rystad Energy’s Head of CCUS Research. The industry has gained traction in recent years as one option for reducing carbon emissions, and it could get a further boost after COP30 in Brazil. But can the CCUS industry scale quickly and efficiently and become a profitable business? Can it really help countries meet their climate goals? Project delays are rising and announcements of new developments are down, but Rystad Energy data shows plenty of momentum in some specific industries. 

Further Analysis:

CCUS Market Update Whitepaper (accessible for non-clients)

Whitepaper: Are oil and gas players on track to deliver on their 2025 emissions targets? (accessible for non-clients)

Carbon capture capacity in cement industry must double to meet 2 degree target  (clients only)

CCUS Alert: Eni-GIP deal talks signal green investment shift from US to Europe (clients only)

Too late to lead? France’s CCUS wake-up call in a fast-moving Europe (clients only)

Bioenergy with CCS projects lead race in Denmark’s $4.2 billion funding round (clients only)

Energy Macro Report – CCUS Market Update 2025 (clients only)

Sign up for our upcoming Rystad Energy Summits in London and Singapore.

Executive producers: Noah Brenner, Elliot Busby, Evodie Fleury-Greaker & Erik Means.

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Let’s Talk Energy and unpack the European power sector with Iben Frimann-Dahl, Rystad Energy Advisory Partner, and Francesca Bjørnflaten, Vice President of Renewables & Power Research. European power was once a fairly mundane topic, but not anymore. Today, it’s one of the most interesting and perhaps contentious topics in energy. The continent’s electricity markets are at a pivot point as countries integrate an ever-rising share of renewables while ending their dependence on Russian natural gas. Such a significant evolution is rarely smooth or linear. European wholesale power prices have risen by 30% in the past year and rising energy costs have become a major headache for companies, consumers and governments.

Can Europe control consumer energy costs while it continues to build out a power system that is cleaner and less reliant on imported fuel?

How can companies navigate this evolution profitably and are the current business models fit for purpose?

What can other regions learn from Europe as they continue to grow, modernize and decarbonize their own power sectors?

Additional reading:

House View Report (accessible for non-clients)

Rapid renewables buildout helps Greece reach net power exporter status (clients only)

Vestas and SGRE ramp up 15 MW turbine production in Europe, Asia (clients only)

Southeast Europe to double installed wind capacity by 2034 (clients only)

Spain’s solar, onshore wind capacity surge in 1H25 despite revenue pressures (clients only)

Poland sets bold national energy and climate goals – can they deliver? (clients only)

Sign up for our upcoming Rystad Energy Summits in London and Singapore.

Produced by: Laura Rodriguez Skaug & Både Og .

Executive producers: Noah Brenner, Elliot Busby, Evodie Fleury-Greaker & Erik Means.

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