"Of course what happened was that over the course of a succeeding decade these companies ended up losing hundreds of billions of dollars of stranded assets losing up to 80% of market capitalization and their management teams were replaced." 16/
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"It's been quite impressive how China is using the Belt and Road to increase its land power to its neighbors." 27/
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"One error that's very, very often made is people will say, 'Well, we're a very long way from renewables being 100% of all energy, therefore when it's 100%, wake me up.' Well, of course, that's not how the world works. The world works on marginal change, basically." 28/
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"It's very notable that when we switched from wood to coal after 1800, coal doesn't become largest global energy source until 1905. But the whole of the 19th C was the working out of the consequences of the rise of those countries which exploited this new energy technology." 29/
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"So, if you are looking at the percentage share and thinking that's going to protect you from the transition, you are being delusional." That last sentence may be my favorite.
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"Energy determines geopolitics. Therefore, a new energy environment will mean a new geopolitical environment."
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