The global energy situation

There is currently no sign that fossil energy use and CO 2 emissions are decreasing sufficiently to meet climate targets. We must therefore factor into economic and financial scenarios the possibility of a disruptive change, in which economic policies (price of CO 2 , regulations) or investor reactions (an end to the financing of investments in fossil energies, the elimination of fossil fuel subsidies) substantially alter this equilibrium, at a very significant initial cost in terms of growth.