Today’s global economy still runs overwhelmingly on fossil fuels—chiefly, oil, gas and coal—but scientific literature has made it increasingly clear that if the planet is to avoid a significant warming, a transition to cleaner energy sources is critical.

What are the short- and long-term implications of such a transition for investors? Should markets be bracing for persistent volatility? What role could private investing play in all of this, especially given the need for a significant increase in capital spending?

These are difficult questions to ponder, and even harder ones to answer. But based on an extensive review of the current scientific literature, a deep-dive analysis of the latest climate-risk models and our own unique insights into the intersection of politics, markets and economies, we’ve produced a comprehensive, deep-dive report on how we think the energy transition may unfold.