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.

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.

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.

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.