Dr. Daniel Yergin—a leading global authority on energy, economics and geopolitics, and Pulitzer Prize-winning author of The New Map—sits down with Brown Advisory’s Jane Korhonen to discuss the future of energy, and how that future may shape innovation, international relations and the economy in the years ahead. The stakes are high: Climate change is creating an urgent need for a lower-carbon economy, and the incoming Biden administration will face the daunting challenge of reigniting the U.S. economy in the wake of the pandemic, and energy may be a critical catalyst of that recovery.
We are grateful to Dr. Yergin for sharing his insights with us. The episode also includes a follow-up conversation between Jane and Brown Advisory’s Chief Investment Officer, Paul Chew, in which they discuss some of the implications for investors.
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Jane Korhonen: The coronavirus pandemic may be a once-a-century event – but it is crashing into what many consider the ongoing challenge of our time – climate change. This collision is “fueling” a slump in energy demand that is unparalleled since the Great Depression; at the same time, a combination of new technologies, consumer behavior and policy decisions are contributing to a surge in renewable energy. As the backdrop to this singular year in our lives and in energy markets, we recognize that the global economy is migrating to lower carbon energy sources. Yet, across the world, we still generate more than 80% of our energy from fossil fuels – oil, gas and coal. As an investor, I am constantly studying these trends to understand what they are telling me about how to make better investment decisions for our clients.
I’m Jane Korhonen and I’m a partner at Brown Advisory. When I want to understand what is going on with the global energy landscape, I turn to one of the world’s foremost thinkers on energy and its relationship to international politics and economics: Dr. Dan Yergin. Dan is Vice Chair of IHS Markit, one of the world’s largest research and information companies, and creator of CERA Week, the leading gathering of energy CEOs and policy makers from around the world. Dan is the author of numerous books, including "The Prize: the Epic Quest for Oil, Money & Power" – for which he won a Pulitzer prize. And he just published a fascinating new book – "The New Map: Energy, Climate and the Clash of Nations".
In this time of global crisis, I wanted to sit down with Dan to understand what he’s thinking about and where he thinks we are going.
Daniel Yergin, Ph.D.
Pulitzer Prize-winning Author and Vice Chair, IHS MarkitThe Pulitzer prize-winning author of The New Map, The Prize and The Quest, Dr. Yergin is vice chairman of IHS Markit and founded IHS CERA (now part of IHS Markit). He is an authority on energy, international politics and economics. His awards include Lifetime Achievement from the Prime Minister of India and the United States Energy Award for lifelong achievements in energy and the promotion of international understanding. He holds a Bachelor of Arts from Yale University and a Ph.D. from Cambridge University, where he was a Marshall Scholar.
Jane Korhonen, CFA
Portfolio Manager, Brown AdvisoryJane is a partner and serves as a portfolio manager in the Washington, D.C. office. She is head of the firm’s Private Client Investment Committee and is responsible for balanced portfolios for both nonprofit and private clients. Previously at Brown Advisory, Jane was an analyst covering the health care and the technology sectors for both the Large-Cap Growth and Large-Cap Value strategies. Prior to joining Brown Advisory in 1994, Jane worked as an equity research analyst for the Howard Hughes Medical Institute in that organization’s investment group.
Paul Chew, CFA
Chief Investment Officer, Brown AdvisoryPaul is a partner, a member of the Executive Team and serves as chief investment officer. He is responsible for leading the firm’s internally managed investment strategies and its open-architecture and asset-allocation efforts. Under Paul’s leadership, the firm’s core equity and fixed income capabilities have grown substantially, and he has also led the expansion of the firm’s platform of alternative investments, which includes venture capital, leveraged buyouts, energy, credit, real estate and hedge funds. While completing his MBA at the Fuqua School of Business at Duke University, he worked as a research associate for a finance professor specializing in asset allocation. Prior to business school, he worked as a cash manager in the international asset management department of J.P. Morgan.
- The New Green Energy Giants Challenging Exxon and BP, The Wall Street Journal, December 11, 2020 (subscription)
- Progress and Potential for Electric Vehicles to Reduce Carbon Emissions, Resources for the Future, December 8, 2020
- The New Energy Giants are Renewable Companies,Bloomberg, November 30, 2020 (subscription)
- Coronavirus Pandemic Speeds Shift to Cleaner Energy, The Wall Street Journal, October 13, 2020 (subscription)
- Beijing is Winning the Clean Energy Race, Foreign Policy, October 2, 2020
- The New Map: Energy, Climate and the Clash of Nations, Daniel Yergin, Ph.D., 2020
- The Prize: The Epic Quest for Oil, Money & Power, Daniel Yergin, Ph.D., 2008
S2 | Episodes 3 & 4 | Solving World Hunger through InnovationFebruary 22 & March 1, 2021
Solving world hunger—or “food insecurity”—is really hard. The solutions are not particularly sexy, and they require a very long-term outlook. We wanted to learn more about the problem and the innovators who are working to solve it.
In part 1 of this conversation, Brown Advisory's Emily High Daniels sits down with two leaders at opposite ends of the impact spectrum: Barron Segar, President and CEO of the World Food Program USA (the program was awarded the 2020 Nobel Peace Prize), is driving innovation and progress on a massive global scale. Mira Mehta is the Founder and CEO of Tomato Jos, a for-profit social enterprise whose mission is to make farming profitable and sustainable for smallholder farmers, while moving their communities toward the middle class.
In part 2, we welcome two more entrepreneurs: Ezinne Uzo-Okuro, CEO of Terraformers, is using her background as a NASA scientist to empower people to grow healthy food and create sustainable livelihoods. Manuela Zierau, Global Lead of H2Grow, works with communities to grow food—and well-being—in impossible places. Private Client CIO Sid Ahl and CrossBoundary’s Kirtika Challa join Emily to discuss investment takeaways.Listen Now