International Energy Agency calls time on Oil
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2050 net zero emissions needs zero capex in fossil energy supply, Oil's share from 30% to 8%, Renewables from 12% to 67%
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Obviously huge transitional cost for hydrocarbons (Russia, Saudi-GCC, Nigeria) and opportunity for copper (Chile, Peru)
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But Covid shows requisite global coordination for adopting the IEA roadmap is missing; this may sustain high Oil prices
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This report is independent investment research as contemplated by COBS 12.2 of the FCA Handbook and is a research recommendation under COBS 12.4 of the FCA Handbook. Where it is not technically a research recommendation because the subject of the research is not listed on any European exchange, it has nevertheless been treated as a research recommendation to ensure consistent treatment of all Tellimer's research. This report has been produced by the analyst(s) named above (the "Analyst").
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