The year 2026 finds the global energy system at a crossroads defined by geopolitical fragmentation, accelerating decarbonization, and persistent market volatility. Major shocks of the early 2020s—most notably the post‑pandemic demand rebound, Russia’s invasion of Ukraine, and the ongoing restructuring of global trade flows—have fundamentally altered the set of assumptions that governed energy markets for decades.

The white paper Industrial Transformation in ASEAN: A Cluster-Driven Model for Regional and Global Collaboration examines South-East Asia’s rapid industrial growth while navigating rising energy demand and the energy transition. ASEAN is home to over 670 million people and is the world’s fifth-largest economy. As its economies expand, dependence on fossil fuels, fragmented policies and high financing costs risk undermining energy security, competitiveness and resilience.

Emerging economies are estimated to account for over 90% of global energy demand growth annually. Between keeping the lights on and keeping emissions down lies a defining economic challenge of how to fund this surge at a time of narrowing fiscal space. Will emerging economies fuel the next energy era or be left in the dark by a financing shortfall?

Fossil fuels are no longer optional in the near term, yet their long-term dominance is increasingly questioned; biofuels and clean fuels are emerging as strategic bridges; and the energy transition’s contours are reshaping investment flows, infrastructure priorities, and risk management frameworks for energy and commodity traders.

Discover how moderating inflation, shifting fiscal policies, and global trade dynamics are creating a delicate balance of tailwinds and headwinds across major economies. From the US avoiding recession and Western Europe’s subdued growth, to China’s pivot to domestic demand and India’s resilience amid tariffs, this episode delivers actionable perspectives on emerging trends, risks, and opportunities.

As geopolitical and policy volatility reshape global priorities, sustainability-minded companies and investors must look beyond quarterly cycles to ensure long-term prosperity. Our 2026 Sustainability Outlook delivers essential intelligence on climate risk, decarbonization, adaptation, and the evolving landscape of corporate commitments, empowering you to make confident decisions in uncertain times.

The United States’ renewed intervention in Venezuela is not just a geopolitical event — it is a market signal. For energy traders, investors, and risk managers, the key question is not whether Venezuelan barrels will immediately return to the market, but how this move reshapes expectations, pricing dynamics, and capital flows across Latin America.

Two years into the generative AI revolution, the mismatch between data center power requirements and supply has reached a critical point. This has led to growing interest in thermal energy options as evolving federal policy reshapes the energy sector. Momentum continues for the nuclear industry, gas turbine orders are at their highest levels in nearly 25 years and coal unit retirement plans are being delayed.

In the last five years, green hydrogen has moved from a niche idea to a cornerstone of the European Union’s vision for decarbonisation. Although still in its early stages, this energy carrier — produced through electrolysis powered by renewable electricity — is shaping up as a critical tool for reducing carbon emissions in hard-to-abate sectors such as heavy industry, long-distance transport and chemical manufacturing.

The business case against corruption serves as a call to action from the International Chamber of Commerce (ICC), the United Nations (UN) Global Compact and Transparency International, urging all businesses to keep integrity at the top of the agenda and emphasising that doing the right thing matters now more than ever.

Over the past five years, biofuels have continued to play a relevant role in Europe’s energy transition. Although often overshadowed by the rapid growth of electrification and renewable sources such as solar and wind power, biofuels remain essential in sectors like transport. Between 2020 and 2025, their consumption in the European Union reflected both the progress achieved and the tensions inherent in a transforming energy system.

The easing of the rules gives the hydrocarbon sector additional breathing space to adapt in an orderly way to the energy transition. By preserving a role for liquid fuels and transitional technologies, the EU creates room for innovation in e-fuels, advanced biofuels and lower-carbon industrial processes. Rather than a setback, the adjustment could offer the sector an opportunity to redefine its place in an increasingly decarbonised economy.

This is the full session video of the 21st edition of Energy Prospectives, that took place on November 13, 2025, at the Madrid Campus of IESE Business School. On this occasion, the series of high-level conversations between Naturgy Foundation and IESE included the participation of Jennifer M. Granholm, former Secretary of the US Department of Energy, and Martin Wolf, Deputy Editor and Economics Columnist at the Financial Times.

Kazakhstan remains one of Eurasia’s most strategically important energy exporters, supplying crude oil, natural gas, and refined petroleum products to regional and global markets. In 2024 and 2025, the country consolidated its export-oriented energy model, driven by increased upstream production, stable refining operations, and incremental diversification of export routes.

The 10 ports that handle the world’s diesel, gasoline and kerosene are the hidden backbone of global energy trade. Between 2020 and 2025, these hubs absorbed pandemic shocks, regulatory change and shifting trade routes. Singapore reinforced its global dominance, European ports focused on higher-value logistics, and Asian hubs captured the strongest growth. Looking into 2026, volumes may stabilize — but complexity will rise.

In the high‑stakes world of global energy markets, a handful of trading houses quietly move more crude oil, refined products, LNG and related commodities than most national producers. These companies don’t just buy and sell fuels — they shape price signals, influence logistics flows and underwrite the physical movements that power global transport and industry

Critical minerals are essential to the energy transition, powering electric vehicles, renewable energy systems and energy storage technologies. Southern Africa holds nearly 30% of the world’s reserves, including cobalt, copper, graphite, lithium, manganese and platinum-group metals, yet attracts less than 10% of global exploration financing. Unlocking this potential is critical to strengthening global supply resilience and driving inclusive growth across the region.

On Monday, April 28, 2025, at exactly 12:33 pm (CEST), daily life across the Iberian Peninsula came to an abrupt halt. In just a few seconds, mainland Spain and Portugal — nearly 60 million people — lost electricity almost entirely. Trains stopped, traffic lights went dark, mobile networks became unreliable and hospitals switched to emergency generators. For many citizens, it was the first time they had experienced a blackout of such magnitude.