The energy transition that the world will have to undergo over the coming decades is truly unprecedented in scope and scale. It will be the biggest reallocation of capital that investors will see in their lifetimes.
Global warming is the biggest single threat to our way of life, and unfortunately most people still do not adequately appreciate the difficulty in making an energy transition away from fossil fuels. Even today, while the world is getting more energy-efficient, absolute emission levels continue to rise. While the developed world has reduced its primary energy consumption, and is projected to continue doing so, it
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