First IEF-GARP Global Energy Risk Forum: Energy Security and Transitions in the New Risk Environment

The International Energy Forum (IEF) and Global Association of Risk Professionals (GARP) convened the IEF-GARP Global Energy Risk Forum on 13 and 14 June 2022 in Madrid Spain. The forum invited senior energy and climate risk managers from government, industry, and research centers to deepen insight on the five themes explored in the virtual sessions IEF and GARP hosted during the pandemic.

International collaboration successfully absorbed the demand shock that lockdowns dealt to world markets, and advanced global consensus on climate solutions. But a robust return of energy demand during the recovery and sustained weakening of oil and gas investment incentives have steadily increased volatility, energy and commodity prices. As markets tighten, Russia's invasion of Ukraine and the impact of sanctions on physical and financial interactions have seen prices spike and inflation soar.

Though demand has returned to pre-pandemic levels the energy landscape has changed and casts supply side and macroeconomic risks in sharp relief. This presents producers and consumers with new challenges for which a range of policy and risk management solutions to energy security and sustainability questions are being re-evaluated and updated. To safeguard an inclusive global economic recovery and allow just and orderly energy transitions to succeed, sessions addressed:

• Emerging Threats to Energy Security; Managing the Transition with Resilience
• Evolving Physical-Financial Energy Market Interactions; Extreme Volatility 2.0
• Transformative Trends in Energy Supply and Demand; What has Changed?
• Socially Responsible Business Practices and ESG Implementation; Governance

The IEF-GARP Global Energy Risk Forum was governed by the Chatham House Rule. Key findings and insights are included in reports made available in the links on this page to help to inform the global dialogue on energy security and climate change and strengthen energy market governance and sustainability in the new risk environment.

Key questions for discussion:

1. What is the impact of Russia's invasion of Ukraine on energy security, market stability and orderly and just transitions?
2. Can extreme volatility and soaring inflation be tempered; how will it affect just transitions and inclusive recovery?
3. Is 100 percent renewables possible? How will governments revaluate policy choices to stimulate investment in greater energy sector connectivity and resilience?
4. How do new ESG criteria relate to existing disclosure requirements, energy security partnerships and risk management in general as energy markets change and realign?

Speakers and Moderators

• 

  Richard Apostolik
  President and CEO, GARP

• 

  Paul Cusenza
  CEO Nodal Exchange

• 

  Joseph McMonigle
  Secretary General, International Energy Forum

• 

  Dr. Vincent Kaminski
  Professor in the Practice of Energy Management, Jones Graduate School of Business, Rice University

• 

  Charif Souki
  Executive Chairman, Tellurian

• 

  Novera Khan
  Chief Risk Officer, Uniper

• 

  Carole Nakhle
  Founder and CEO, Crystol Energy

• 

  Jean-Pascal Clémençon
  SVP Strategy & Markets, TotalEnergies
  View presentation

• 

  Ana Palacio
  o, Former Spanish Foreign Minister & CEO of Palacio & Asociados

• 

  Cornelia Meyer
  Chairman and CEO MRL Corporation, Chairman and Chief Economist LBV Asset Management

• 

  Christyan F. N. Malek
  Managing Director, Global Energy, J.P. Morgan
  View presentation

• 

  Helima Croft
  Head of Global Commodity Strategy and MENA Research, RBC Capital Markets
  View presentation

• 

  David Port
  Partner TDI Capital Advisers, Former Chief Risk Officer, E-on Global Commodities

Speaker Presentations

• Jean-Pascal Clémençon
  SVP Strategy & Markets, TotalEnergies
• Christyan F. N. Malek
  Managing Director, Global Energy, J.P. Morgan
• Helima Croft
  Head of Global Commodity Strategy and MENA Research, RBC Capital Markets

Key Links

• Draft Agenda
• GARP website