Flying High
Author
John Sheehy and Anna Mayster
Title
Flying High
Five investment themes shaping the energy transition
Synopsis
French acrobat Jules Léotard is widely acknowledged as the inventor of the flying trapeze – that breathtaking art-form in which synchronised swinging at a dizzying height creates a mesmerizing spectacle for wide-eyed spectators. Individually, trapezists can be captivating in their skill, athleticism and grace, but it is when their arms interlock that their power and abilities are most pronounced. By joining forces, they fly higher and unlock each other’s potential.
A decade into the energy transition, investment has shifted from a thematic trend to a sophisticated capital markets discipline. Over the past five years in particular, the narrative has oscillated between euphoria and caution, and back again. Between 2021 and 2023, capital was abundant and velocity was everything. Over the last two years, investors recalibrated: cost of capital rose, supply chains tightened, grid congestion intensified and investors rediscovered and repriced risk