Emily Cunningham

"Emerging markets also have higher levels of population density. They have higher levels of energy dependency and governments will therefor be extremely motivated to make the shift." 6/

"We’ve already seen emerging market capital expenditure on renewables overtake that of developed markets 3 years ago." 7/

"If you look specifically at China and the US, you see a spectacular leap frog taking place where Chinese expenditure and deployment of solar panels, wind turbines, electric vehicles has overtaken that of the US and continues to rise along S curves of growth." 8/

"We expect to see that being replicated in India and moving to other emerging markets." 9/

"There are 3 primary ways investors are impacted by this transition. First, there’s a very significant systemic risk." 10/

"The fossil fuel center is world’s largest sector in terms of deployed infrastructure w $25 trillion worth of assets. As renewables start to push down demand for fossil fuels, increasingly that becomes stranded and you get stranded assets & very significant financial losses." 11/

"The second area of risk is on the country risk. You have a significant number of countries where fossil fuels makes up a very large percentage of their GDP and wealth rent." 12/

"Specifically, there are 12 countries where its over 10% of GDP. All those countries, clearly, will be at risk as the rents from the fossil fuel sector start to decline." 13/