ERTH - Global Transition To Renewable Energy Is A Complex ESG Journey

• Investor aversion to fossil fuels like oil and coal is only a subsidiary factor in today’s price crunch, which we expect will moderate next year as several temporary factors reverse.
• Companies are under pressure to return cash to shareholders and invest in energy transition businesses rather than fossil fuels.
• If lack of power disrupts irrigation in poor countries, water and food will be in short supply. In developed countries, poorer people could be forced to choose between food and heating their homes in winter as prices spike.
• A complete transition to renewable energy will take decades, and in the meantime, fossil fuels will continue to play a critical and necessary role in, for instance, transportation, electricity and chemicals production.

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