In February, veteran fossil industry advisor Dan Yergin and two co-authors published a piece called The Troubled Transition. In it they dismiss the idea that there is or can ever be an energy transition, anchored on the fact that fossil fuels contributed 85% to so-called primary energy in 1990 and still contribute 80% today. 

Needless to say, their argument has been widely amplified by the oil and gas industry. They conclude with a demand for a new approach – which they call a “pragmatic path”. 

Pragmatism is needed, but not the pragmatism of defeat. Not the ‘pragmatism’ of believing fossil fuels hold the key to further human progress. Not the ‘pragmatism’ of addressing climate change only if it suits the interests of fossil-fuel companies. What is needed is the pragmatism of robust but affordable climate action. 

This week on Cleaning Up, Michael Liebreich debunks narratives that trumpet the alleged failure of climate action, and explains why a pragmatic climate reset is needed.

Leadership Circle: 

Cleaning Up is supported by the Leadership Circle, and its founding members: Actis, Alcazar Energy, Davidson Kempner, EcoPragma Capital, EDP of Portugal, Eurelectric, the Gilardini Foundation, KKR, National Grid, Octopus Energy, Quadrature Climate Foundation, SDCL and Wärtsilä. For more information on the Leadership Circle, please visit https://www.cleaningup.live. 

Links and more: 

• Read the full article on BNEF: https://about.bnef.com/insights/clean-energy/liebreich-the-pragmatic-climate-reset-part-i/
• Tony Blair Institute Climate Reset Report: https://institute.global/insights/climate-and-energy/the-climate-paradox-why-we-need-to-reset-action-on-climate-change
• Michael Cembalest 15th annual Eye On The Market: https://am.jpmorgan.com/content/dam/jpm-am-aem/global/en/insights/eye-on-the-market/heliocentrism-amv.pdf
• Dan Yergin et al, The Troubled Transition: https://www.foreignaffairs.com/united-states/troubled-energy-transition-yergin-orszag-arya
• Generative AI – The Power and the Glory: https://about.bnef.com/insights/clean-energy/liebreich-generative-ai-the-power-and-the-glory/
• Five Superheroes of the Transition: https://about.bnef.com/insights/clean-energy/liebreich-net-zero-will-be-harder-than-you-think-and-easier-part-ii-easier/
• Tony Blair on Cleaning Up: https://youtu.be/Ko90KbFKBnI
• Dan Yergin on Cleaning Up: https://www.youtube.com/watch?v=8QIh4U3Vgjc