The Impact of Policy Uncertainty on Energy Prices

Nick Boulden: We're coming out of the back of maybe an energy price shock that resembles, as we saw in that, something that's the order of the bank issue, the 1970s. The central cause appears to be as simple as a dramatic under-investment in all parts of our energy system. And that's, we think, fundamentally a result of policy uncertainty. He says transitioning to net zero or a well below two degree climate outcome would be incredibly cheap basis points a year of GDP rates. But at the same time concluded that you've got almost no basis as an investor to be highly confident today that we are on track for anything close to that sort of an outcome