Book Review: Global Energy Dilemmas

Global Energy Dilemmas by Michael Bradshaw. Cambridge: Polity Press, 2014. 240 pp, $26.95 / £16.99 paperback 978-0-7456-5065-4, £55 hardcover 978-0-7456-5064-7

As W. E. B. Du Bois once noted, “A classic is a book that doesn't have to be written again.” Putting recent dramatic developments across the world energy system in a broader context, few historic junctures have demonstrated as much fundamental change as that seen over the past several years. The rapid emergence of fundamental breakthroughs across shale and renewable technologies coupled with rising political attention toward climate change and the environment have quickly redefined this essential sector. These dominant realities and the expected continuation of today’s fast rate of change have created large obstacles for any author who might aspire to write a book describing this dynamic field.

In light of these high hurdles, Global Energy Dilemmas represents an ambitious attempt to create a usable and durable framework for explaining the energy sector. This recent book by Michael Bradshaw indeed offers several ideas which are relatively well positioned to stand the test of time. Bradshaw is currently the ‎Professor of Global Energy at the Warwick Business School, after previously serving for over a decade as Professor of Human Geography at the University of Leicester.

Among its strengths, the book offers a solid introduction to many of the core issues associated with global energy markets today. Bradshaw frames these debates around two core challenges and often competing objectives: first, how to secure the supply of reliable and affordable energy, and second, how to transform world energy systems toward low-carbon supplies which have little or no impact on the environment. Although he primarily frames his arguments, methodologies and sources in a manner that may be of greatest appeal to academic readers, this understandable volume also offers useful introductory ideas to wider audiences in the recent encyclopedic traditions of Daniel Yergin’s The Quest. Although both books cover many similar themes, Bradshaw’s deeper bow to scholarly sources in contrast to Yergin’s reliance upon direct industry insights and contacts stands as a primary distinction.

Bradshaw’s scholarly approach to framing his arguments at times leads him into certain shoal waters as he dutifully tips his hat to certain academics in this field. One example may be found in the smorgasbord approach that he employs in describing the diverse range of organizations involved in global energy governance. Amongst these international fora, he characterizes the International Energy Agency (IEA) and OPEC as the “two principal organizations”. [pp. 186-191] As most senior officials and staff members in these respective groups would agree, such definitive characterizations do not fully reflect the more fluid dynamics of these assemblies. In recent years, the top leadership of each group have frequently engaged in dialogue about core issues effecting its member states. In essence, the flexible web of interaction between states worldwide as well as the countless fora that many countries participate in has historically belied any neat characterization. As relationships, technologies and national priorities have evolved, the possibility of such well-ordered and lasting descriptions have grown even more challenging over time.

In establishing a framework which suggests three policy groupings including “energy security” and “climate change” organizational categories, Bradshaw argues that “the final policy area of globalization is by far the most crowded”. [p. 190] Despite the many commendable contributions of Global Energy Dilemmas, an overreliance upon standard political science and international relations modeling approaches such as this one at times detracts from the numerous practical insights offered in the book.

One example of the author’s ambitious approach and the innovative perspectives in his underlying world view may be found in his thoughtful comparison of relative growth trends and industrial drivers across China, South Africa and other developing states. [pp. 132-133] Notwithstanding Bradshaw’s tendency to heavily lean on scholars and their methodologies, the book offers many valuable insights such as these which display the author’s depth of understanding in this field when he is left to his own devices.

Among other impediments that Dilemmas may face in achieving classic status can be found in the book’s review of U.S. energy policy and approaches. [pp. 58-68] Although largely correct in his assessment of the failure of American energy policies throughout recent history, his discussion and characterization of “climate change intransigence” does not fully reflect more recent realities in which the Obama Administration and other constituencies have made this a central priority.

Amongst past academic works which have achieved classic status is the 1934 book Security Analysis by Columbia Business School professors Benjamin Graham and David Dodd. Beyond university circles, many adherents to several of its key principles, including some of the most prominent investors in the world, continue to practice the book’s methodology to this day over eight decades following its original publication. A core distinction with Global Energy Dilemmas was that Graham and Dodd’s classic follows a more methodological framework for thinking through choices in a way that stands the test of time. Despite Bradshaw’s inclusion of certain principles which might set the stage for usable methodologies in the energy arena, his detailed description of current circumstances often distract from the book’s more lasting contributions. It thereby somewhat parallels some of the occasional pitfalls found in Climate Shock, another recent book by Gernot Wagner and Martin Weitzman regarding climate change.

While Global Energy Dilemmas may fall short of achieving classic status amidst the tumultuous interplay of technological, market and political forces which continue to rapidly change this industry, it nonetheless offers a worthwhile read and a respectable addition to this important field.

Carter W. Page is Founder and Managing Partner of Global Energy Capital LLC. He is a Fellow at the Center for National Policy in Washington and a Columnist for Global Policy Journal.