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Has the energy transition narrative shifted?


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    In response to the Russian invasion, a number of European countries have argued for speeding up the energy transition. Germany, in a rather historic move, has turbocharged its transition by moving forward its plans to be 100% renewable by 15 years, to 2035 – bringing them in line with US and UK. In the US, Joe Biden, during his State of the Union speech mentioned that fighting climate change will translate into energy savings for American households. He understands that climate is important, energy security matters, and there is a role for cost lowering technologies to play in fighting inflation.

    Our Environmental Strategies Group reflects on the latest market events and argues that the environmental theme that has never been in a better fundamental state, with valuations at levels not seen since the lows of the flash crash in March 2020.


    Any views expressed here are those of the author as of the date of publication, are based on available information, and are subject to change without notice. Individual portfolio management teams may hold different views and may take different investment decisions for different clients. This document does not constitute investment advice. The value of investments and the income they generate may go down as well as up and it is possible that investors will not recover their initial outlay. Past performance is no guarantee for future returns. Investing in emerging markets, or specialised or restricted sectors is likely to be subject to a higher-than-average volatility due to a high degree of concentration, greater uncertainty because less information is available, there is less liquidity or due to greater sensitivity to changes in market conditions (social, political and economic conditions). Some emerging markets offer less security than the majority of international developed markets. For this reason, services for portfolio transactions, liquidation and conservation on behalf of funds invested in emerging markets may carry greater risk.

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