The energy industry continues to evolve as sectors converge and as demand, supply and consumer preferences change. The global economy is shifting to lower-carbon sources of energy, coinciding with (or resulting from) a renewed focus on environmental, social and governance (ESG) issues. “Energy transition” is commonly used to describe the recent full-court press towards cleaner energy; however, energy evolution, energy progression, energy advancement and a host of other terms have all been used to describe achievement towards a net-zero carbon world. The recent policy focus on renewable and clean energy, which has trickled down to capital preferences, consumer demand and other forces, is driving discussions and decisions towards “cleaner” energy, and, in certain instances, away from traditional fossil fuels. From a marginal dollar perspective, capital is flowing into alternative energy projects and away from traditional natural resources; however, traditional natural resource-based energy sources will continue to play a key role in the world’s overall energy mix well into the future.
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