While energy and natural resources executives remain bullish on their long-term ambitions toward net-zero carbon, they anticipate a short-term slowdown in the rate of decarbonization due to turmoil in energy markets in the past year, according to Bain & Co.’s third annual Global Energy and Natural Resources report.
Executives see more coal being burned to make up for shortfalls in Russian-supplied natural gas, and many expect a shift in focus toward addressing scarcity and affordability in the next few years.
“Energy and natural resources executives are now a few years into their net-zero commitments, and they're more clear-eyed about what it will take to accomplish them,” said Joe Scalise, global head of Bain’s energy and natural resources practice. “Their ambitions haven't changed, and they are feeling optimistic that they'll lead the rest of the corporate world through the energy transition. But they know it's going to be challenging without g