Expectations around the energy transition are undergoing a necessary and healthy recalibration. Necessary because the fundamental assumptions underlying 2050 net zero scenarios are untenable, and healthy because clean, secure, scalable energy systems are critical to the economic aspirations and welfare of the global population and the health of our natural world.

As always, it’s important to focus on the math, particularly in periods of fractious partisanship. This isn’t a new development – the last decade has been marked by spasms of hysteria and hyperbole - so it is worth noting that the shakeout around the energy transition is not a function of recent election results or changing political agendas. It is, rather, an outcome that is grounded in demographics, physics, and economics, with important implications for investors, allocators, and policy makers.

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