8 July 2016
on course website
Energy and Finance
HEC Paris Summer School: Energy and Finance
The world is changing. Every year, the BRICS countries’ appetite for all sources of primary energy pushes energy demand and CO2 emissions to a new high. The latest climate assessment by the Inter-Governmental Panel on Climate Change in March 2014 is discouraging: if we do not change direction soon, global temperatures will go up by approximately 3 degrees Celsius by the middle of the century. If we are serious about maintaining the global temperature increase to 2° Celsius this century (“the 2°C challenge”), we cannot emit more than an extra 1000 giga-tonnes of carbon emissions globally, and this “Carbon Budget” will be completely exhausted by 2040 at today’s carbon emission rate. In other words, no more than one-third of the currently proven reserves of oil, gas and coal globally can be consumed over this century. At the same time, the number of people without access to electricity remains unacceptably high at 1.3 billion, around 20% of the world’s population. Against this unpromising background, events such as the Fukushima nuclear disaster and escalating tensions at the very borders of Europe or in the Middle East today, cast doubts on the security of the global energy supply.
We must change the way we use energy, and we may also have to change the kind of energy we produce. The 20th century is considered as “the century of hydrocarbons and nuclear”; will the 21st century move away from both? Will the rise of unconventional oil, gas and renewables change the face of the world? Will the long-term fundamentals of energy be completely reviewed due to the shift of Russia’s gas exports toward Asia, or due to the Middle East’s becoming the main destination of its resources? Will long-term importers, such as the U.S., become major exporters? In 20 years, will energy markets become completely deregulated and global, or will they have been re-regulated and decentralized? These are only a few of the important questions that this program will address.
Jean-Michel Gauthier, Academic Director, Affiliate Professor, HEC Paris Finance Department
University students and recent graduates
Upon successful completion of the summer program, participants will have acquired a strong understanding of the following:
the energy business environment and market drivers
the geopolitics of resources (oil and gas, coal and mining)
energy demand structure, producers and end-users strategies
industry organization and regulations
energy markets and price formation mechanisms.
EUR 2370: Deadline 30th April. Includes;
weekend bus transportation during the program from campus to downtown Paris
EUR 4380: For two courses
on course website