The celebrated Scottish poet, Rabbie Burns, famously said that “the best laid plans of mice and men often go awry”. Viewed by many as prescient, my hope is that his words don’t prove accurate, particularly since the 2015 Paris Agreement has seen governments and companies outlining plans to transition society to net zero carbon by 2050. Many countries followed the UK’s lead in laying out plans to legislate for net zero.
Add to this the policy uncertainty from the last few years and you can see why investment decisions across the energy industry have slowed down, particularly in relation to fossil fuel investments. Of course, this may be changing in the UK, as clarity has been provided on new North Sea oil & gas licenses. Some suggest that the public should not have a choice on the costs and behaviours needed to reach net zero. They may argue that the UK needs to show leadership.