While that outcome cannot be ruled out, energy investment indicators have been trending in a different direction

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The annual World Energy Outlook released Wednesday by the International Energy Agency, the global collective of nations dedicated to spinning climate change policy, claims that the global energy transition is underway. In the outlook for oil and gas, the IEA claims that “Clean energy momentum remains strong enough to bring a peak in demand for each of the fossil fuels by 2030.”

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While that outcome cannot be ruled out, energy investment indicators have been trending in a different direction. The S&P global clean energy select index, which measures the stock performance of companies in clean energy sectors, has lost more than 10 per cent so far this year, bringing the total loss since 2021 to more than 60 per cent. In Canada, the S&P/TSX renewable energy and clean technology index has also lost more than 60 per cent of its value since 2020.

As the graph below indicates, the decline in investment support for clean energy is another illustration of the growing policy and investment gap that faces the global effort to dramatically reduce carbon emissions by 2050. While markets have failed to give green........

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