Carlos Pascual

S&P Global

Senior Vice President, Global Energy

Carlos Pascual joined S&P Global in January 2015 as Senior Vice President to focus on global energy issues and international affairs. Mr. Pascual was previously US Ambassador to both Mexico and Ukraine and was Special Assistant to the US president for Russia, Ukraine, and Eurasia on the National Security Council. Mr. Pascual created the position of Coordinator for Reconstruction and Stabilization in the State Department, establishing the first civilian response capacity to conflicts. As the former US Energy Envoy and Coordinator for International Energy Affairs at the State Department, Mr. Pascual established and directed the Energy Resources Bureau and served as the Senior Advisor to the Secretary of State on energy issues. In that role, he led the negotiations on Iranian oil sanctions with China, India, and other countries. Mr. Pascual has held board positions in energy companies as well as energy and power-focused private investment firms. Mr. Pascual is also part of the GE Ecomagination Advisory Board and board member of the Atlantic Council. He holds a Bachelor of Arts degree from Stanford University and a Master of Public Policy degree from the Kennedy School of Government at Harvard University.

Sessions With Carlos Pascual

Monday, 7 March

  • 12:00pm - 01:15pm (CST) / 07/mar/2022 06:00 pm - 07/mar/2022 07:15 pm

    Luncheon & Dialogue: Energy Markets in Upheaval
    Panel Energy Transition/Climate & Sustainability

    Keynote address.

  • 02:10pm - 02:50pm (CST) / 07/mar/2022 08:10 pm - 07/mar/2022 08:50 pm

    How Governments & Businesses Align on Net Zero
    Panel Finance & Investment/Trading & Risk Management/ESG
    Countries representing 90% of both global GDP and emissions have now committed to net-zero emissions, but the IPCC, IHS Markit, and others project that emissions will increase by 2030. International oil and gas companies were largely excluded from the COP 26 negotiations. Fuel and power generation shortages have caused oil and gas price increases that have alarmed both politicians and the public. How can governments and businesses align to address both the energy transformation of the future and the energy security needs of today? What role can non-governmental organizations (NGOs) play in helping to reshape consumer demand and governmental and industry responses to meet demand? 
  • 05:00pm - 05:40pm (CST) / 07/mar/2022 11:00 pm - 07/mar/2022 11:40 pm

    Geopolitics: World in turmoil
    Panel Geopolitics/Policy/Regulatory
    This year presents prospects of a centrifugal world dynamic that pulls countries apart politically, heightening security concerns and economic tensions. The character of the United States-China relationship may define the course of global leadership for the twenty-first century. Russia’s conflict with Ukraine could rattle Europe’s security and economic future in ways not seen since the end of the Cold War. International cooperation has faltered in the Middle East. Will the domestic politics of major powers continue to accelerate these centrifugal forces? Are hot wars inevitable? Or can international leaders and institutions create pathways to stability? 
  • 07:30pm - 09:00pm (CST) / 08/mar/2022 01:30 am - 08/mar/2022 03:00 am

    US Energy Policy & the Climate Opportunity
    Lunch/Dinner Discussion Geopolitics/Policy/Regulatory

    The Biden Administration has set its goals for US energy policy: net zero emissions by 2050, carbon-free power by 2035, and 50-52% reduction in GHG emissions by 2030. The pathways to those goals have been stalled legislatively. Can the US Congress still play a significant role in national energy and climate policy? Can industry be the key technological and financial driver on this pathway? What regulatory measures should we expect in 2022 and beyond?

Tuesday, 8 March

  • 02:05pm - 02:45pm (CST) / 08/mar/2022 08:05 pm - 08/mar/2022 08:45 pm

    Sanctions, Cyber & the Ukraine Crisis
    Geopolitics/Policy/Regulatory Digitalization/AI/Machine Learning/Robotics/Cybersecurity

    Sanctions and cyber warfare are the second and third battlegrounds opened by Russia’s invasion of Ukraine. US and EU sanctions will seek to impose economic pain on Russia that could spark public protest and pressure to end the war—even while trying to walk a fine line that contains the pain on importers of Russian oil and gas. Russia, as in the past, may impose its own sanctions, or simply reduce its oil and gas exports to ratchet up prices in a tight market. In the backdrop, Russian cyber attacks on the US, EU, and Ukraine will intensify—and the reverse is also true. Will these reciprocal attacks affect President Putin’s outlook on Ukraine? Could public sentiment affect political calculations—in all countries? How should governments and companies prepare for a cyber backlash?

  • 02:50pm - 03:30pm (CST) / 08/mar/2022 08:50 pm - 08/mar/2022 09:30 pm

    Ministerial Plenary
    Panel Geopolitics/Policy/Regulatory

    Governments confront the dual challenge of meeting near-term industrial and residential energy demand and creating incentives to build the energy systems for a net-zero world. The 2021 gas and power crisis in Europe and Northeast Asia demonstrated the impact of supply shortfalls on economic activity and consumer prices. As countries plan their net-zero pathways, how realistic are assumptions on changes in demand? What strategies should be taken on hydrocarbon investment, and how should they vary based on national circumstances—such as the potential to substitute gas for diesel, or LPG for coal and wood? What strategies are governments employing to assure that deployments in low-carbon technologies align with diversification away from hydrocarbons?    

  • 03:35pm - 04:15pm (CST) / 08/mar/2022 09:35 pm - 08/mar/2022 10:15 pm

    Energy Security in Europe
    Panel Gas & LNG
    A “perfect storm” of factors caused natural gas prices in Europe to rise to a previously unimaginable level of $33/MMBtu in the fourth quarter of 2021. High prices and extreme volatility have continued into 2022. The key role of gas in setting electricity prices has magnified the economic impact. Europe’s evident exposure to the global LNG market as well as the Russian supply strategy has caused soul-searching among policymakers, with security of gas supply concerns being refocused on price rather than just availability. While some blame for the energy price crisis has been directed at EU decarbonization targets, many EU governments and institutions are emphasizing the need to hasten the shift away from natural gas, not only for climate reasons but also to improve the continent’s energy security.
  • 04:20pm - 05:00pm (CST) / 08/mar/2022 10:20 pm - 08/mar/2022 11:00 pm

    Assuring Stability in Energy Markets
    Panel Geopolitics/Policy/Regulatory

    Even as ESG pressures have driven many oil and gas companies to diversify away from hydrocarbons, demand for oil and gas is increasing. Presumptive underinvestment has led to near-term and anticipated future oil and gas supply shortages and market volatility. What will be the source of investment and production that will help sustain global economic growth? Do OPEC countries have the spare capacity to respond to market demand? Can US oil and gas companies meet investor demands for increased returns and still increase production? Can the oil and gas industry employ its engineering and technology capacity and ability to execute at scale to accelerate emissions reductions? Can oil and gas be the financial driver for energy and economic diversification?

  • 05:50pm - 06:30pm (CST) / 08/mar/2022 11:50 pm - 09/mar/2022 12:30 am

    Roadmaps for Energy Transition
    Panel Geopolitics/Policy/Regulatory

    COP26 affirmed the “what” of energy transition. Now the energy industry, investors, technology companies, and policymakers must focus on the “how.” The IEA, IHS Markit, and others have developed roadmaps to net zero, yet commercially competitive technologies must still evolve for almost half the necessary emissions reductions. What will drive this level of innovation? What will be the sources of capital? What risks lie ahead, and how can they be mitigated? What types of collaboration are needed among government, international financial institutions, and the private banking sector to finance a just transition?

Wednesday, 9 March

  • 10:15am - 10:35am (CST) / 09/mar/2022 04:15 pm - 09/mar/2022 04:35 pm

    Focus on Egypt: Forging partnerships for the energy transition
    Panel Geopolitics/Policy/Regulatory

    Egypt is using industry partnerships to transform its energy security. Investments from international oil and gas companies partnering with Egypt have resuscitated Egypt’s gas sector, securing reliable power to households and industries. Gas generation is creating the baseload foundation for new investments in renewable energy. Can Egypt extend this partnership model through the East Mediterranean Gas Forum to transform regional energy relationships and create outlets to international markets? Later in 2022, Egypt will chair COP27. Will industry partnerships become a new model for engagement at COP27, bringing the engineering skills and capacity to operate at scale and create new roadmaps for innovation and emissions reductions? Can a new role for industry partnerships align the capacity to reduce emissions with global ambitions for net zero?

  • 12:00pm - 12:50pm (CST) / 09/mar/2022 06:00 pm - 09/mar/2022 06:50 pm

    Special Dialogue: Asia’s Energy Transition & the Role of Gas
    Panel Gas & LNG

    Asia has the world’s fastest growing energy demand and will see the largest rise in emissions in the coming decades. Its ability to manage both the climate agenda and energy transition—to deliver reliable and affordable access to power and to stem emissions and pollution—will be key to delivering on the region’s expectations for prosperity and sustainability. To address this challenge, Japan and several Asian partners have been developing the Asia Energy Transition Initiative. The region has the potential to transform into a global renewable energy hub. Recent energy shocks in Asia and Europe have demonstrated the critical importance of meeting natural gas demand for electrification, heating, and petrochemicals. How can Asia attract the investment it needs to meet these transitional challenges? What mechanisms can be employed for the Asia Pacific region to reach its net zero future while also guaranteeing a just transition?

  • 02:25pm - 03:05pm (CST) / 09/mar/2022 08:25 pm - 09/mar/2022 09:05 pm

    Erupting Conflicts & Green Upheaval: Where energy transition & geopolitics collide
    Panel Geopolitics/Policy/Regulatory

    Energy crises, hot and simmering conflicts, and disruptive politics and geopolitics during renewable energy deployment may reshape both global security structures and the pace and course of energy transition. The concept of a just transition is entrenched in climate diplomacy, but what is just for countries in Eastern Europe or Asia that must upend their coal economies, or for Africa, if it cannot develop its gas reserves to reduce dependence on diesel and firewood? If investments in oil and gas contract sharply when driving and flying habits change slowly, will market power concentrate in Russia and the Middle East? Could political backlash on high gasoline and electricity prices rattle commitments to net zero? What can we learn from energy shortfalls affecting the Russia-Ukraine crisis and its impact on European cohesion? Should the concentration of inputs for renewable power, batteries, and electric vehicles (EVs) concern governments as national security risks?  

  • 03:10pm - 03:50pm (CST) / 09/mar/2022 09:10 pm - 09/mar/2022 09:50 pm

    Ministerial Dialogue: Energy Access, Energy Transformation – Latin American Strategies
    Panel Geopolitics/Policy/Regulatory

    The pandemic has brought great challenges within the developing world—Latin America as a region has been hit hardest in terms of increased inequality and slower economic recovery. Now more than ever, energy transition toward renewables represents a powerful engine to combat poverty, create jobs, and contribute to climate action. Nonetheless, governments in the region confront the dual challenge of meeting near-term industrial and residential energy demands while also creating incentives to achieve net-zero pledges. As the region moves to mobilize investment and finance to expand energy access, how can it also tap into the wave of global innovation that will bring about the energy technologies of the future? How can the region achieve its potential as a future global energy renewable hub and diversify away from hydrocarbons?

Friday, 11 March

  • 08:25am - 09:05am (CST) / 11/mar/2022 02:25 pm - 11/mar/2022 03:05 pm

    How Fast Can Innovation Scale?
    Panel Energy Transition/Climate & Sustainability

    The IEA estimates that about half of the technologies needed to deliver net zero emissions by 2050 are not currently commercially competitive. Innovation is fundamental to achieving national pledges for net zero, accounting for 90% of global GDP. What is needed to accelerate the chain from laboratories to commercial application to financing to deployment? Should multiple tracks—such as hydrogen, carbon capture, utilization, and storage (CCUS), and fusion—move forward in parallel to mitigate risk? Where should efforts be focused to achieve success?

  • 11:30am - 12:10pm (CST) / 11/mar/2022 05:30 pm - 11/mar/2022 06:10 pm

    Challenges for Security, Development & Sustainability
    Panel Energy Transition/Climate & Sustainability

    Success in the energy transition will depend on the focused attention of major emitters (China, the United States, the European Union, India) and the engagement of emerging and developing economies that will account for over half of global emissions through 2050. Could intensifying conflicts—between the United States and China, between Russia and Ukraine, across the Middle East—derail major powers from delivering on climate pledges? How might domestic politics and national expectations influence action on climate change? What measures are necessary to ensure that developing economies support ambition for climate action?

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