Special session - The future of the oil industry: a new strategic outlook on demand, supply and market balance, and the pursuit of a new socioeconomic development model
The first half of 2020 was marked by the collapse of oil markets which saw an unprecedented slump in demand and price. The situation was complicated by the abrupt economic recession due to the pandemic, even though a Chinese recovery is offering some hope. The recovery of oil markets is a litmus test for many other parts of the global economy. Panellists at this session will share their vision of the future of the oil markets and discuss whether Europes focus on the green economy still has potential under these new market conditions.
Session 1 - Different global recovery models and strategies for rebooting economic growth and prosperous international trade
Financing will be key to rapidly reversing the global economic downturn. What should be done to ensure that fiscal stimuli contribute to sustainable economic development and reach those parts of economy which are most in need, rather than end up in the speculative financial markets? The European Union, for example, is leveraging the recovery from the pandemic in such a way as to advance its green political agenda. Other countries prefer to focus on infrastructure investments or to support specific business sectors such as healthcare. What can we learn from the economic recovery in the wake of the 2008 crisis in order to avoid repeating the mistakes of the past?
Session 2 - Prospects for the gas industry, particularly LNG, in the new economic reality
The gas industry, like most other businesses, has been negatively affected by the global economic downturn. When will demand and prices recover? Has natural gas completely decoupled from the oil markets, and do we need so many new pipelines and more LNG infrastructure at this moment? Is it time for the industry to embrace hydrogen in response to Europes new political pledge in favour of this energy resource? These are some of the key issues which will come under focus at this panel discussion.
Session 3 - The structural economic crisis and the pandemic: seeking a new geopolitical and socioeconomic order (Europe, Eurasia, USA, China)
The pandemic is providing an opportunity to review and reanalyse the disruption to the global economy which has been in systemic crisis mode ever since 2008. Cosmetic touch-ups will not work the way forward can only involve systemic reforms which bring about profound changes in many areas of life. However, major powers have different agendas (as growing tensions between the US and China seem to indicate), while Europe is being forced to choose between its Eastern and Western allies. The role of international institutions like the WTO and WHO is also being fundamentally questioned. The success of the global recovery will be determined by cooperation or the lack thereof between the major global players who will set the course of economic development for decades to come.
Session 4 - The key role of genetics and genome research in the new socioeconomic reality: the contribution made by gene technologyto medicine, the environment, agriculture, industry and energy
The calamitous events of 2020 redefined many priorities but also opened up potential and opportunities. This is particularly true of genetics and genome research. This field not only offers enormous potential in terms of healthcare, it can also pave the way for breakthroughs in other areas of the economy. Given the fact that genome work is perceived very differently in the East and the West, will the key to success lie in international cooperation and possibly new global standards? Who should take the lead in this field?