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New Wave | Hugo Rauch | Substack
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🌊 Energy Security Is Climate Strategy
Why geopolitics may become the strongest accelerator of Europe’s energy transition.
We’re joined by James Gutman, strategist at The Carlyle Group and a longtime commodities and energy expert with experience spanning Ford, Goldman Sachs, and hedge funds.
In this episode, we dive into the collision between geopolitics, energy markets, and climate innovation, and unpack what it really takes for Europe to build an energy system that is not just cleaner, but more resilient.
This conversation starts with the current geopolitical moment, but quickly moves into Europe’s dependence on imported energy, the limits of the transition so far, and why security may now matter as much as sustainability in shaping the next wave of climate investment.
In our conversation, we covered:
→ Why disruption in global oil and gas trade changes the logic of the energy transition
→ Why Europe remains vulnerable even as renewables scale
→ The hard-to-replace fossil fuel use cases still shaping industry, aviation, and grid stability
→ Why China’s clean energy buildout is as much about security as climate
→ Why Europe may need to think less about first-best ideas, and more about scaling what works now
→ How energy resilience could become the biggest driver of climate tech deployment
My key takeaway: Energy security is no longer separate from climate strategy.
Read more from James: You can’t print molecules.A crude awakening.
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