Capitalism won’t deliver the energy transition fast enough . . .
There’s too much to do, and given the urgency and the need to get the solution right, this isn’t a task for your favourite ESG-focused portfolio manager or the tech bros. The sheer scale of the physical infrastructure that must be revamped, demolished or replaced is almost beyond comprehension. Governments, not BlackRock, will have to lead this new Marshall Plan. And keep doing it. The western nations that did so much of the damage will have to finance the transition in the developing world — it is astonishing that this idea is still debated. Massive deficit spending will be necessary, not a new ETF. For all the cleantech advances and renewable deployment in recent decades, fossil fuels’ share of total global energy use was 86 per cent in 2000 and 82 per cent last year.