Introductory description

The global energy system is the largest source of anthropogenic greenhouse gas emissions in the global economy. Therefore, to address climate change and achieve a sustainable future requires the rapid decarbonisation of energy production, transportation and consumption. Creating a sustainable energy system presents challenges to and opportunities for businesses, governments, and individuals. This module adopts a ‘place, states and markets’ approach to energy system transformation that explores the energy transition challenges facing the different parts of the global economy; the role of governments and international organisations in regulating and supporting energy transitions; the challenges that ‘transition risk’ presents to the incumbent fossil fuel industry and the business opportunities presented by the growth of low-carbon energy systems and services. Topics addressed by the module include:

• Competing visions of the future as presented in ‘energy scenarios,’

• The strategic transformation of the businesses involved, both incumbents and new entrants

• The political issues of governance as nations and international organisations seek to

manage the energy transition

• The geopolitics of energy system transformation

• The ‘re-scaling of the energy system’ and the development of local energy networks

• The social impact of the economic and environmental costs involved in creating a new sustainable energy system that is also secure and affordable

The module will normally be co-delivered by two WBS faculty members and will include guest speakers and, as the schedule permits, company visits.

Module web page

Module aims

Outline syllabus

This is an indicative module outline only to give an indication of the sort of topics that may be covered. Actual sessions held may differ.

Introduction and Global Energy Dilemmas

Global Energy Dilemmas: Energy security & Sustainability

Sustainable Energy Transition & Strategy

Forecasts, Scenario Planning & Alternative Energy Futures

Investments and profitability

Winners & Losers

Energy, Transport, and the climate change challenge

The Future role of natural gas

Energy in China’s 14th Five Year Plan

Geopolitics of the High Carbon Transition

Geopolitics of the Low Carbon Transition

Pricing Carbon

Pathways to a Net-Zero Society: Country Case Studies

Conclusions: Accelerating Sustainable Energy Transitions

Group simulations and case studies will be used throughout the module – examples my include: E.ON; BP; Ørsted; Ibredola; Tesla; LNG Canada

Learning outcomes

By the end of the module, students should be able to:

• Demonstrate increased knowledge of all sectors within the global energy industry and of key events and challenges.
• Demonstrate a critical awareness of the political and regulatory frameworks within which the industry operates; and the goals that governments and industry seek to achieve, such as universal energy access and Net-Zero.
• Demonstrate a comprehensive understanding of why business must cope with uncertainty and risk, often using forecasts and scenarios to aid decision making.
• Demonstrate a critical whole system thinking approach to the energy industry, both in economic terms and in terms of the technological, social and political context within which it operates.
• Evaluate the connection between business activity and the management practices, business models and regulatory frameworks that manager can deploy or influence.
• Evaluate and assess the uncertainties inherent in business decision making and so develop the managerial skills needed for the dynamic nature of management at senior levels.

Indicative reading list

A detailed reading guide is provided with access to specialist materials and the academic literature.

Armstrong, J. (2023). The Future of Energy 2023, Amazon.

Ekins, P. (2024) Stopping Climate Change: Policies for Real Zero. Earthscan: London.

Scholten, D (2023) Handbook on the Geopolitics of the Energy Transition: Edward Elgar: Cheltenham.

World Economic Forum (2019) The Speed of the Energy Transition. Geneva: WEF.

Publications and Key Reports from International Organizations, such as:

International Energy Agency (IEA), specifically their annual World Energy Outlook and World Energy Investment reports
International Monetary Fund (IMF)
Intergovernmental Panel on Climate Change (IPCC)
International Renewable Energy Agency (IRENA)
United Nations Environment Programme (UNEP)
World Bank

Publications from energy industry actors, such as: BP, Equinor, Exxon Mobil, International Gas Union, National Grid, Shell, World Energy Council, etc.

Publications form NGOs and think-tanks, such as: Carbon Tracker Initiative, Chatham House, Columbia Energy Policy Centre, E3G, Oxford Institution for Energy Studies, etc.

Research element

The module draws upon latest research in the field that students are asked to apply in their assessment to a company of their choice

Interdisciplinary

Students will be expected to demonstrate a whole system thinking approach to the energy industry, both in economic terms and in terms of the technological, social and political context within which it operates.

International

An international perspective is fundamental to the module. It looks at the energy sector from a global perspective, considering different regions and national economies, and global sustainable energy management. Case studies examine companies and countries around the world.

IB9RA only - delivery includes an international occasion held in Shanghai, China

Subject specific skills

Demonstrate scenario planning to understand the key drivers and uncertainties associated with the energy transition.

Demonstrate an ability to scale between functional details, individual business situations and the wider industry, political and societal context and translate this into effective written work.

Transferable skills

Demonstrate awareness of the key leadership challenges associated with the energy transition and the qualities need to thrive under uncertainty.