1 - Local Content and the Sustainable Development Nexus

Summary

Energy is inextricably linked to all aspects of human life: the ability to work, live, survive and execute tasks. Given the significance of energy to human life and the global economy, global energy markets are rapidly growing and have witnessed significant transformations over the last few decades. Technological innovation; the diversification of the main primary energy sources (conventional and unconventional oil and gas, coal, renewables, nuclear and solid minerals); rise in global primary energy demand; changes to established means of energy supply and distribution; geopolitical uncertainties; environmental pollution; climate change; sharp drop in the price of oil since 2014; outbreak of the novel Coronavirus Disease of 2019 (COVID-19) pandemic; and the increasing demand for the equitable distribution of the benefits and risks of energy production amongst other things are rapidly transforming the field of energy law. Furthermore, important political changes such as United Kingdom’s exit from the European Union (Brexit); the rise of America-first policies in the United States under President Donald Trump; the abrupt diplomatic isolation and blockade of Qatar by several Gulf countries; as well as the global quest for low-carbon energy transition in alignment with the United Nations Sustainable Development Goals (SDGs) have all resulted in fundamental shifts in domestic national energy policies.