A Realist Assesses the Energy Transition

Laurence Articles

Will the energy transition, from fossil fuel to other sources of energy, happen? It seems almost sacrilegious to suggest that it might not, or that the transition will be halting and incomplete. But Mark Mills, a physicist, venture capitalist, and energy and technology expert who spoke at Foundation Financial Officers Group in New York in April, powerfully made the case that fossil fuels will be an important part of the world economy for a long time to come.

The principal reason is that fossil fuels are many times more efficient as an energy source than the alternatives. And the raw materials needed to build out a fully electrified global energy industry are expensive, difficult to obtain, and subject to severe supply constraints.

If Mills is correct, then preparing to adapt to climate change, rather than trying to prevent it, becomes the most important priority.

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