2022 was one of the most successful years for the oil and gas industry; the industry is estimated to have made income of USD 4trn vs an average of USD 1.4-1.5trn in previous years. The six largest western oil companies made more money than in any year in the history of the industry: over USD 200bn.
While the climate emergency is becoming more pressing by the day, our country is continuing its usual policy of (very) small steps at a slow pace. And while solar power is now the cheapest source of electricity, we continue to rely heavily on fossil fuels.
Sovereignty and energy independence being intimately linked, the transition towards decarbonized energy will necessarily be accompanied by a redistribution of geopolitical cards.
The outlook for sustainable investment is diverging globally, simultaneously being propelled forward by regulation in Europe and parts of Asia, most notably in China, and being significantly challenged by growing politicisation and controversy in America.
2023 will be a year of unprecedented policy support.
As Al Gore said at the opening of COP 27 in Sharm El-Sheikh in November, we cannot choose our misfortunes, but we can choose the benefits that come from them, especially when it comes to renewable energy. Indeed, we are in the early stages of a sustainability revolution that will have the scale of the industrial revolution and the speed of the digital revolution.
At present, the energy mix in the European Union is 42% fossil fuels, 35% renewable energies and 22% nuclear energy. And as the current crisis has unfortunately highlighted, most of the gas consumed in Europe comes from Russia (see graph below).
QUAERO CAPITAL hat den Quaero Capital Funds (Lux) – Net Zero Emission aufgelegt, einen neuen OGAW-Fonds, der in Unternehmen investiert, deren Dienstleistungen, Produkte oder Technologien zum Übergang zu einer kohlenstofffreien Wirtschaft beitragen. Die Strategie wählt weltweit und branchenübergreifend aktuelle und künftige Marktführer im Bereich Energie und ökologischer Wandel sowie Kreislaufwirtschaft aus. Neben dem Energiesektor konzentrieren sich die Fondsmanager Olivier Ken und Martina Turner auch auf die Bereiche Lebensmittel, Textilien, Schwerindustrie, Verkehr, Stadtplanung und die gesamte Lieferkette.
We have seen two major steps in the European regulation intended to promote sustainable investment and prevent greenwashing. None has been without controversy and concerns but it continues to move the industry in Europe ahead at a faster pace than elsewhere.
The Inflation Reduction Act (IRA) was signed in law by President Biden on 16 August 2022 after House Democrats approved the biggest-ever federal investment against climate change with a 220 to 207 vote.