Whether to bet on the low-carbon energy transformation now well under way — or stick with business-as-usual. That’s the decision facing investors, from American families with 401(k)s to managers of the world’s largest pension and sovereign wealth funds.
At stake is not only retirement security but whether the fossil fuel era ends with a crash landing or a (relatively) smooth transition to the low-carbon future — and whether that future comes quickly enough to avert the most extreme effects of climate change.
The shape of the future is becoming clearer, as first coal, and now oil and gas, give way to solar, wind and battery power. Can I interest you in a soot-belching coal plant? Thought not. How about a tar sands pipeline or long trains of coal or Arctic drilling?
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