Why do investors who clearly understand climate risk so often struggle to act on it?

In Episode 5 of Capital in Transition, Harry Benham is joined by Carbon Tracker's Amy Owens to find out. Drawing on her report Ambition Under Pressure, Amy examines NBIM – manager of Norway's $2 trillion sovereign wealth fund and one of the world's most sophisticated investors – and finds a striking gap between what its climate analysis reveals and how it actually invests.

She calls it "strategic hesitation": not denial, but the drag of mandates, benchmarks and governance built for an older energy system. A sharp look at why capital moves slowly – and why that delay is becoming a risk in itself.

Linked report: https://carbontracker.org/reports/ambition-under-pressure-analytical-leadership-vs-strategic-hesitation/

Inquiries: capitalintransition@carbontracker.org

If energy is becoming a manufactured system, then who builds that system matters. In Episode 4 of Capital in Transition, Harry Benham and Mark Campanale are joined again by Kingsmill Bond of Ember to examine where the ElectroTech build-out is happening and how this is shaping capital flows, industrial power and the future of the global economy.

The conversation explores how China has established a leading position across key clean technology supply chains, from solar manufacturing and batteries to electric vehicles and grid infrastructure, and why that concentration matters for investors and policymakers alike.

Read the related blog here: https://www.electrotech-revolution.com/p/what-is-electrotech-and-what-will

Is the energy transition simply about replacing one fuel source with another, or are we witnessing a deeper restructuring of the global economy?

In Episode 3 of Capital in Transition, Harry Benham and Mark Campanale are joined by Kingsmill Bond of Ember to explore what he calls the “ElectroTech Revolution”, the shift from an energy system based on extracting and burning fuels to one built around manufactured technologies.

The discussion examines how electrification, digitalisation and manufacturing cost curves are transforming energy from a commodity system into a technology system – with major implications for capital allocation, industrial strategy and financial markets.

Link to the full analysis: https://www.electrotech-revolution.com/p/reframing-energy-for-the-age-of-electricity

If you have any questions, please email capitalintransition@carbontracker.org