{"id":430766,"date":"2026-03-13T10:34:15","date_gmt":"2026-03-13T09:34:15","guid":{"rendered":"https:\/\/climatescience.press\/?p=430766"},"modified":"2026-03-13T10:34:17","modified_gmt":"2026-03-13T09:34:17","slug":"barclays-sounds-the-alarm-on-renewable-energy","status":"publish","type":"post","link":"https:\/\/climatescience.press\/?p=430766","title":{"rendered":"Barclays Sounds the Alarm on Renewable Energy"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"723\" height=\"723\" data-attachment-id=\"430777\" data-permalink=\"https:\/\/climatescience.press\/?attachment_id=430777\" data-orig-file=\"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2026\/03\/AQNHl9AKaUujnp_oKefu2SSDZXqj5kkKnpsg2QUx1mG9gJiWTdguYjXMjVIa4vDgyWpjb0eadWQTVMvjaIrrOSiDo6A8U0tP3foiGqRpDmQ-EIlH29q2AYMajvpHZF9wJy_ZLSIM_tJ0TKAcwD65T_m0BEvRig.jpeg?fit=1280%2C1280&amp;ssl=1\" data-orig-size=\"1280,1280\" 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https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2026\/03\/AQNHl9AKaUujnp_oKefu2SSDZXqj5kkKnpsg2QUx1mG9gJiWTdguYjXMjVIa4vDgyWpjb0eadWQTVMvjaIrrOSiDo6A8U0tP3foiGqRpDmQ-EIlH29q2AYMajvpHZF9wJy_ZLSIM_tJ0TKAcwD65T_m0BEvRig.jpeg?resize=60%2C60&amp;ssl=1 60w, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2026\/03\/AQNHl9AKaUujnp_oKefu2SSDZXqj5kkKnpsg2QUx1mG9gJiWTdguYjXMjVIa4vDgyWpjb0eadWQTVMvjaIrrOSiDo6A8U0tP3foiGqRpDmQ-EIlH29q2AYMajvpHZF9wJy_ZLSIM_tJ0TKAcwD65T_m0BEvRig.jpeg?resize=550%2C550&amp;ssl=1 550w, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2026\/03\/AQNHl9AKaUujnp_oKefu2SSDZXqj5kkKnpsg2QUx1mG9gJiWTdguYjXMjVIa4vDgyWpjb0eadWQTVMvjaIrrOSiDo6A8U0tP3foiGqRpDmQ-EIlH29q2AYMajvpHZF9wJy_ZLSIM_tJ0TKAcwD65T_m0BEvRig.jpeg?resize=50%2C50&amp;ssl=1 50w, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2026\/03\/AQNHl9AKaUujnp_oKefu2SSDZXqj5kkKnpsg2QUx1mG9gJiWTdguYjXMjVIa4vDgyWpjb0eadWQTVMvjaIrrOSiDo6A8U0tP3foiGqRpDmQ-EIlH29q2AYMajvpHZF9wJy_ZLSIM_tJ0TKAcwD65T_m0BEvRig.jpeg?w=1280&amp;ssl=1 1280w\" sizes=\"auto, (max-width: 723px) 100vw, 723px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">From <a href=\"https:\/\/tilakdoshi.substack.com\/p\/barclays-sounds-the-alarm-on-renewable\">Tilak\u00b4s Substack<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">By <a href=\"https:\/\/substack.com\/@tilakdoshi\">Tilak Doshi<\/a><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"723\" height=\"517\" data-attachment-id=\"430769\" data-permalink=\"https:\/\/climatescience.press\/?attachment_id=430769\" data-orig-file=\"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2026\/03\/image-74.png?fit=750%2C536&amp;ssl=1\" data-orig-size=\"750,536\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2026\/03\/image-74.png?fit=723%2C517&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2026\/03\/image-74.png?resize=723%2C517&#038;ssl=1\" alt=\"\" class=\"wp-image-430769\" srcset=\"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2026\/03\/image-74.png?w=750&amp;ssl=1 750w, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2026\/03\/image-74.png?resize=300%2C214&amp;ssl=1 300w, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2026\/03\/image-74.png?resize=640%2C457&amp;ssl=1 640w\" sizes=\"auto, (max-width: 723px) 100vw, 723px\" \/><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\">Barclays PLC dropped a&nbsp;<a href=\"https:\/\/home.barclays\/content\/dam\/home-barclays\/documents\/news\/Insights\/Barclays%20Transition%20Realism%20White%20Paper%20February%202026.pdf\">bombshell white paper<\/a>&nbsp;last week titled \u2018Transition Realism: A Stranded Asset Perspective on the Energy Transition\u2019. The report pulls no punches in flipping the script on the climate establishment\u2019s favourite bogeyman. For years, we\u2019ve been lectured that fossil fuels are the quintessential stranded assets \u2014 trillions in oil, gas and coal reserves doomed to remain unused underground as the world races to Net Zero. The term \u201c<a href=\"https:\/\/www.lse.ac.uk\/granthaminstitute\/explainers\/what-are-stranded-assets\/\">stranded assets<\/a>\u201d \u2013 investments that suffer unanticipated or premature write-downs, devaluations or conversion to liabilities \u2013 became a fixture of climate-policy discourse.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Yet, as the Barclays analysts point out, the real risks now lurk in the renewable sector. \u201cStranded-asset risk is becoming system wide,\u201d the paper warns. \u201cHistorically, stranding meant coal plants. Today, renewables facing multi-year interconnection queues, curtailment and congestion risks are increasingly likely to be impaired.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In an era of geopolitical upheaval, energy insecurity, persistent inflation and AI\u2019s insatiable power hunger, renewables \u2014&nbsp;<a href=\"http:\/\/www.forbes.com\/sites\/tilakdoshi\/2023\/02\/21\/is-the-esg-colossus-stumbling\/\">once the darlings of ESG portfolios<\/a>&nbsp;\u2014 are emerging as the new buggy whips in an age of automobiles. The Barclays paper couldn\u2019t be more timely. It argues \u2013 nothing original about this observation \u2013 that energy transitions are \u201cadditive, not substitutive\u201d with new sources like wind and solar stacking atop fossil fuels rather than displacing them, as global primary energy consumption hits record highs.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"608\" height=\"537\" data-attachment-id=\"430773\" data-permalink=\"https:\/\/climatescience.press\/?attachment_id=430773\" data-orig-file=\"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2026\/03\/image-75.png?fit=608%2C537&amp;ssl=1\" data-orig-size=\"608,537\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2026\/03\/image-75.png?fit=608%2C537&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2026\/03\/image-75.png?resize=608%2C537&#038;ssl=1\" alt=\"\" class=\"wp-image-430773\" srcset=\"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2026\/03\/image-75.png?w=608&amp;ssl=1 608w, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2026\/03\/image-75.png?resize=300%2C265&amp;ssl=1 300w\" sizes=\"auto, (max-width: 608px) 100vw, 608px\" \/><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\">The Barclays study revamps the old \u2018energy trilemma\u2019 into a stark hierarchy: security of supply trumps affordability, which in turn overshadows sustainability when push comes to shove \u2014 as seen in Europe\u2019s frantic&nbsp;<a href=\"https:\/\/www.ft.com\/content\/f662a412-9ebc-473a-baca-22de5ff622e2\">coal restarts<\/a>&nbsp;following Russia\u2019s invasion of Ukraine. Grid constraints emerge as the \u201chidden barrier\u201d, with US grid capacity expanding&nbsp;<a href=\"https:\/\/iea.blob.core.windows.net\/assets\/70f2de45-6d84-4e07-bfd0-93833e205c81\/ElectricityGridsandSecureEnergyTransitions.pdf\">at a glacial pace of 3% over the past decade<\/a>, leaving renewables unable to integrate and at risk of obsolescence.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The irony in the Barclay paper is particularly striking: the very technologies touted as unstoppable are now bottlenecked by the realities of engineering, economics and geopolitics. As the report notes: \u201cThe real bottlenecks are now in grids \u2013 permitting, financing, and system integration \u2013 not in the cost of generation hardware.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>The best buggy whip you ever saw<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This turnaround in the stranded assets debate evokes the classic scene from the 1991 comedy&nbsp;<em><a href=\"https:\/\/www.imdb.com\/title\/tt0102609\/\">Other People\u2019s Money<\/a><\/em>, where the Danny DeVito-played character \u2018Larry the Liquidator\u2019 skewers a dying company\u2019s sentimental defenders at a board meeting.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\">You know, at one time there must\u2019ve been dozens of companies makin\u2019 buggy whips. And I\u2019ll bet the last company around was the one that made the best goddamn buggy whip you ever saw. Now how would you have liked to have been a stockholder in that company? You invested in a business and this business is dead. Let\u2019s have the intelligence, let\u2019s have the decency to sign the death certificate, collect the insurance and invest in something with a future.<\/p>\n<\/blockquote>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">DeVito\u2019s bombastic delivery mocks corporate nostalgia, championing profit over piety. Product excellence could not save the buggy whip: the automobile had rendered the entire industry obsolete. The speech captured a central insight of capitalism: technological progress inevitably makes stranded the assets of yesterday\u2019s industries. Joseph Schumpeter famously described the process as \u201c<a href=\"https:\/\/www.investopedia.com\/terms\/j\/joseph-schumpeter.asp\">creative destruction<\/a>\u201d, whereby innovation relentlessly displaces older technologies.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The stranded assets narrative has been the climate alarmists\u2019 weapon of choice. For nearly two decades, climate activists and financial pundits have argued that fossil fuels \u2014 coal mines, oil and gas fields, pipelines, refineries \u2014 would soon suffer the fate of the buggy whip. The energy transition, they insisted, would \u201cstrand\u201d trillions of dollars in hydrocarbon assets as the world turned away from carbon-intensive fuels.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Among the loudest proponents of the stranded resources thesis is the Prime Minister of Canada,&nbsp;<a href=\"https:\/\/en.wikipedia.org\/wiki\/Mark_Carney\">Mark Carney<\/a>, the \u2018<a href=\"https:\/\/www.forbes.com\/sites\/tilakdoshi\/2020\/12\/09\/credit-covid-and-climate-rock-star-urges-central-banks-to-join-the-fight-against-climate-change\/?sh=690a40ed3277\">rock star<\/a>\u2018 ex-central banker of Canada and England, a member of the Foundation Board of the World Economic Forum and UN Special Envoy on Climate Action and Finance in 2019. Carney has spent the last few years persuading the world\u2019s financial institutions that fossil fuels \u2013 accounting for over 80% of global primary energy supply \u2013 are \u2018stranded assets\u2019 on a one-way trajectory to zero value as the world races to \u2018Net Zero by 2050\u2019.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In his 2021 book&nbsp;<em><a href=\"https:\/\/en.wikipedia.org\/wiki\/Values:_Building_a_Better_World_for_All\">Value(s): Building a Better World for All<\/a><\/em>, Carney asserts: \u201cTo meet the 1.5\u00b0C target, more than 80% of current fossil fuel reserves (including three-quarters of coal, half of gas, one-third of oil) would need to stay in the ground, stranding these assets.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Mark Carney\u2019s high-profile efforts as UN climate envoy to marshal the world\u2019s largest financial institutions to reduce carbon emissions led to the launch of the Net Zero Banking Alliance in 2021. The NZBA and other financial industry networks pledged to align billions of dollars in asset investments to the climate transition. But much has changed since then. With the counter-attack on ESG and \u2018woke capitalism\u2019 in US Republican states, the term \u2018ESG\u2019 itself became a \u201c<a href=\"https:\/\/www.forbes.com\/sites\/tilakdoshi\/2024\/03\/27\/esg-by-any-other-name-would-smell-just-as-bad\/\">loathed monicker<\/a>\u201d that even BlackRock CEO Larry Fink avoided using.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In October 2025, the Net-Zero Banking Alliance ceased operations after a vote to wind up the group which had already lost many of its high-profile members like Goldman Sachs, UBS, Barclays and HSBC, amid allegations from some US lawmakers that membership breached antitrust regulations.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Carney isn\u2019t the only illustrious professional on the \u2018fossil-fuels-are-stranded-resources\u2019 bandwagon. A short list would include former US Treasury Secretary&nbsp;<a href=\"https:\/\/www.politico.com\/news\/2021\/03\/31\/yellen-climate-change-fsoc-478769\">Janet Yellen<\/a>&nbsp;and Executive Director of the International Energy Agency&nbsp;<a href=\"https:\/\/www.theguardian.com\/environment\/2022\/may\/12\/oil-gas-mega-projects-climate-iea-fatih-birol-carbon-bombs-global-energy-crisis-fossil-fuel\">Fatih Birol<\/a>. They assert an \u2018existential threat\u2019 of climate change caused by the combustion of fossil fuels. These leaders in finance and public policy circles are joined in the popular media by \u2018climate influencers\u2019 such as Al Gore, Bill McKibben and King Charles who have used their bully pulpits to encourage divestment from fossil fuel companies.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Getting the buggy whip wrong<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The International Energy Agency (IEA) forecast in its&nbsp;<a href=\"https:\/\/www.forbes.com\/sites\/tilakdoshi\/2023\/06\/27\/the-ieas-net-zero-roadmap-analyzed\/\">widely-derided<\/a>&nbsp;2021 \u2018Net Zero by 2050\u2019 roadmap that no new oil and gas fields were needed post-2021. It implied the immediate prospects for massive, stranded assets in the hydrocarbons industry. But reality, that stubborn thing, refused to cooperate. Far from being stranded, fossil fuels have roared back with a vengeance. By 2022, as Western sanctions on Russia ignited energy shortages, Brent crude approached $120 a barrel. ExxonMobil\u2019s shares&nbsp;<a href=\"https:\/\/www.reuters.com\/business\/energy\/exxon-mobil-shares-set-intraday-record-high-hit-10580-2022-10-21\/\">surged<\/a>&nbsp;over 70% that year, reclaiming blue-chip status amid \u2018structural deficits\u2019 in oil markets. Global fossil fuel consumption \u2013 still, as noted, comprising over 80% of primary energy, with developing Asia driving 90% of energy demand growth \u2013&nbsp;<a href=\"https:\/\/globalcarbonbudget.org\/fossil-fuel-co2-emissions-hit-record-high-in-2025\">shattered records in 2025<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The US-Israeli attack on Iran and a&nbsp;<em>de facto<\/em>&nbsp;closure through marine insurance withdrawal of the Strait of Hormuz has cut off roughly 20% of global oil supply alongside critical volumes of jet fuel, LPG and LNG cargoes serving Asian and European markets. Crude oil prices are once again on a tear. Brent crude oil futures&nbsp;<a href=\"https:\/\/tradingeconomics.com\/commodity\/brent-crude-oil\">surged<\/a>&nbsp;more than 10% to above $100 a barrel on Monday, after earlier rallying by as much as 29% amid production cuts from major Middle Eastern producers following disruptions in the Strait of Hormuz. With tanker traffic heavily restricted and exports backing up, several major producers have begun curbing output as storage facilities rapidly fill. Saudi Arabia has reportedly started cutting production, joining the United Arab Emirates, Kuwait and Iraq in reducing supply. Prices briefly approached $120 before retreating as leading economies from the Group of Seven (G7) considered releasing emergency oil reserves to calm markets.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Earlier this year, BP said it would write down the value of its gas and low-carbon energy division by up to $5 billion, the legacy of an ill-timed move into renewables that left it the least profitable of the major oil companies. Following the BP announcement,&nbsp;<em>Wall Street Journal<\/em>&nbsp;analysts&nbsp;<a href=\"https:\/\/www.wsj.com\/business\/earnings\/bp-warns-of-weak-oil-trading-flags-up-to-5-billion-impairment-in-low-carbon-division-0d643997?mod=energy-oil_news_article_pos2\">commented<\/a>&nbsp;that the company \u201cis now in the early stages of a turnaround aimed at bringing the business back to its roots: drilling for oil and gas\u201d. BP\u2019s newly appointed CEO Meg O\u2019Neill \u2013 considered an \u2018outsider\u2019 and a \u2018fossil-fuel champion\u2019 \u2013 intends to reverse falling profits and boost its share price, which has come under pressure after&nbsp;<a href=\"https:\/\/www.forbes.com\/sites\/tilakdoshi\/2020\/08\/18\/bp-and-chevron-a-difference-in-style-or-substance\/\">BP\u2019s virtue-signalling missteps<\/a>&nbsp;into low-carbon energy.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Now the shoe is on the other foot. Today renewables investors might feel like those buggy whip shareholders, shrilly clinging to increasingly unaffordable green subsidies and mandates. S&amp;P\u2019s&nbsp;<a href=\"https:\/\/www.spglobal.com\/spdji\/en\/indices\/sustainability\/sp-global-clean-energy-transition-index\/#overview\">Global Clean Energy Transition Index<\/a>&nbsp;fund lost 82% of its value from its peak on January 11th, 2021 to March 6th, 2026. Over the same period, the S&amp;P500 equity index gained over 70%.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Renewables, propped up by trillions in subsidies and mandates, face being stranded on a scale that would make coal barons chuckle. The Barclays report highlights how \u201cas renewable penetration rises, under-connected projects are becoming the new stranded-asset class\u201d. Grid bottlenecks are the culprit. Electricity\u2019s share of global primary energy has inched from 13% in 1985 to just 20% today, far from the \u2018electrify everything\u2019 utopia promised just a few years ago.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In the US, multi-year interconnection queues leave wind and solar farms idle, curtailed or congested, impairing valuations. The IEA\u2019s 2025 \u2018<a href=\"https:\/\/iea.blob.core.windows.net\/assets\/0a7a40a4-5dcb-4d6e-a7ad-76a1c90ec8eb\/WorldEnergyOutlook2025.pdf\">World Energy Outlook<\/a>\u2018 echoes this, noting renewables risk obsolescence if systems can\u2019t absorb their output.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Cheap solar panels or wind turbines mean little without dispatchability. As Barclays puts it: \u201cCheap renewables don\u2019t ensure cheap power due to dispatchability needs.\u201d The real distortion lies in&nbsp;<a href=\"https:\/\/dailysceptic.org\/2025\/12\/05\/time-to-stop-pretending-renewables-are-cheap\/\">ignoring<\/a>&nbsp;the full system-level costs and inefficiencies of integrating intermittent wind and solar power into existing grids.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This vulnerability stems from dependency on government largesse. Without renewable portfolio standards, feed-in tariffs, tax credits like the US Inflation Reduction Act\u2019s $369 billion giveaway, or EU mandates, many if not most renewable energy projects flop. But fiscal strains from wars, uncontrolled mass migration, high debt levels and inflation could yank the rug out, stranding subsidy-dependent renewable assets overnight.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">President Trump\u2019s \u201c<a href=\"https:\/\/dailysceptic.org\/2025\/01\/19\/trumps-drill-baby-drill-energy-policy-will-enjoy-the-enthusiastic-support-of-the-global-south\/\">drill baby drill<\/a>\u201d agenda has done much to promote infrastructure development and fast permitting for fossil fuel projects. In his recent IEA Ministerial speech, Secretary Chris Wright&nbsp;<a href=\"https:\/\/x.com\/SecretaryWright\/status\/2024597682254221673?s=20\">contrasted<\/a>&nbsp;US energy abundance \u2014 driven by shale oil and gas \u2014 with Europe\u2019s green policy-driven high costs that shrank its global primary energy share from 25% in 2011 to about 17% in 2025. Key developing nations such as those in the BRICS+ bloc&nbsp;<a href=\"https:\/\/wattsupwiththat.com\/2025\/06\/17\/big-beautiful-coal-here-for-many-more-years-despite-green-demonization\/\">have largely opted for cheap fossil fuels<\/a>, prioritising energy security and economic growth over Net Zero.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Creative Destruction in Energy Markets<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Technological innovation and market competition ultimately determine which energy sources prevail. Government policy can help or hinder certain trends, but it cannot abolish economic reality. If renewable technologies continue improving and integration challenges are resolved, they may indeed capture a larger share of global energy supply. But if their economics remain dependent on subsidies and mandates, investors eventually reassess their enthusiasm and citizens will tire of being burdened by high energy costs.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The irony is unmistakable. The stranded-asset narrative was originally deployed as a warning against fossil fuels. Yet the most vulnerable investments may be those built on the assumption that governments can permanently guarantee the economic success of politically favoured sectors.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Capitalism has a way of exposing such assumptions, alas often at great cost to the interests of ordinary people.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Dr Tilak K. Doshi is the&nbsp;<\/em>Daily Sceptic<em>\u2018s Energy Editor. He is an economist, a member of the CO<sub>2<\/sub>&nbsp;Coalition and a former contributor to&nbsp;<\/em>Forbes<em>. Follow him on&nbsp;<a href=\"https:\/\/tilakdoshi.substack.com\/\">Substack<\/a>&nbsp;and&nbsp;<a href=\"https:\/\/x.com\/tilakdoshi\">X<\/a>.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Barclays PLC dropped a bombshell white paper last week titled \u2018Transition Realism: A Stranded Asset Perspective on the Energy Transition\u2019. The report pulls no punches in flipping the script on the climate establishment\u2019s favourite bogeyman. For years, we\u2019ve been lectured that fossil fuels are the quintessential stranded assets \u2014 trillions in oil, gas and coal reserves doomed to remain unused underground as the world races to Net Zero. The term \u201cstranded assets\u201d \u2013 investments that suffer unanticipated or premature write-downs, devaluations or conversion to liabilities \u2013 became a fixture of climate-policy discourse.<\/p>\n","protected":false},"author":121246920,"featured_media":430777,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_crdt_document":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[691841869,691819134,691819743,691818618,691818228,691818154,691819094,691832760],"class_list":{"0":"post-430766","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-uncategorized","8":"tag-barclays-study","9":"tag-climate-alarmism","10":"tag-climate-propaganda","11":"tag-energy-transition","12":"tag-fossil-fuels","13":"tag-net-zero","14":"tag-renewable-green-energy","15":"tag-un-sponsored-net-zero-banking-alliance-nzba","17":"fallback-thumbnail"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2026\/03\/AQNHl9AKaUujnp_oKefu2SSDZXqj5kkKnpsg2QUx1mG9gJiWTdguYjXMjVIa4vDgyWpjb0eadWQTVMvjaIrrOSiDo6A8U0tP3foiGqRpDmQ-EIlH29q2AYMajvpHZF9wJy_ZLSIM_tJ0TKAcwD65T_m0BEvRig.jpeg?fit=1280%2C1280&ssl=1","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/paxLW1-1O3Q","jetpack-related-posts":[{"id":434500,"url":"https:\/\/climatescience.press\/?p=434500","url_meta":{"origin":430766,"position":0},"title":"Transition realism hits Barclays","author":"uwe.roland.gross","date":"26\/03\/2026","format":false,"excerpt":"Imagine you had been fed climate nonsense your whole life, but now, science has entered the industry. What do you do?","rel":"","context":"In \"Barclays Bank\"","block_context":{"text":"Barclays Bank","link":"https:\/\/climatescience.press\/?tag=barclays-bank"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2026\/03\/0-Transition-realism-hits-Barclays.jpg?fit=1200%2C656&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2026\/03\/0-Transition-realism-hits-Barclays.jpg?fit=1200%2C656&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2026\/03\/0-Transition-realism-hits-Barclays.jpg?fit=1200%2C656&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2026\/03\/0-Transition-realism-hits-Barclays.jpg?fit=1200%2C656&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2026\/03\/0-Transition-realism-hits-Barclays.jpg?fit=1200%2C656&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":301359,"url":"https:\/\/climatescience.press\/?p=301359","url_meta":{"origin":430766,"position":1},"title":"Barclays reins in oil and gas funding in victory for net zero activists","author":"uwe.roland.gross","date":"11\/02\/2024","format":false,"excerpt":"Lender also strikes deal to buy Tesco Bank for \u00a3600m.","rel":"","context":"In \"$1 trillion (\u00a3793bn) of green financing\"","block_context":{"text":"$1 trillion (\u00a3793bn) of green financing","link":"https:\/\/climatescience.press\/?tag=1-trillion-793bn-of-green-financing"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/02\/0-money-drill.jpeg?fit=1200%2C800&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/02\/0-money-drill.jpeg?fit=1200%2C800&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/02\/0-money-drill.jpeg?fit=1200%2C800&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/02\/0-money-drill.jpeg?fit=1200%2C800&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/02\/0-money-drill.jpeg?fit=1200%2C800&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":387111,"url":"https:\/\/climatescience.press\/?p=387111","url_meta":{"origin":430766,"position":2},"title":"Africa\u2019s Renewable Leapfrog Is a Mirage\u2014A Dangerous One","author":"uwe.roland.gross","date":"05\/07\/2025","format":false,"excerpt":"A report titled \u201cAfrican Energy Leadership: The Case for 100% Renewable Energy\u201d was published last week, claiming that \u201cAfrica could save between $3 trillion and $5 trillion by transitioning to a fully renewable energy system by 2050.\u201d This shift, it asserted, would also create up to 5.4 million new energy\u2026","rel":"","context":"In \"100% Renewable Energy\"","block_context":{"text":"100% Renewable Energy","link":"https:\/\/climatescience.press\/?tag=100-renewable-energy"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/07\/0AQMJx5RD6K4-MJ_d5SOuX7TFSshTjbg3HByCy2MFqiusyQ9kCuaeXt5wilyjy4VphOYh7lRAT4mnOHSKyOUYC0JKkGeNJoQY3uAOQoimcyY14_593EF1uvDFpaM0ZI1oyYy_nAo2UYpXKuG36aR0JihiCPi5-Q-1.jpeg?fit=1200%2C1200&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/07\/0AQMJx5RD6K4-MJ_d5SOuX7TFSshTjbg3HByCy2MFqiusyQ9kCuaeXt5wilyjy4VphOYh7lRAT4mnOHSKyOUYC0JKkGeNJoQY3uAOQoimcyY14_593EF1uvDFpaM0ZI1oyYy_nAo2UYpXKuG36aR0JihiCPi5-Q-1.jpeg?fit=1200%2C1200&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/07\/0AQMJx5RD6K4-MJ_d5SOuX7TFSshTjbg3HByCy2MFqiusyQ9kCuaeXt5wilyjy4VphOYh7lRAT4mnOHSKyOUYC0JKkGeNJoQY3uAOQoimcyY14_593EF1uvDFpaM0ZI1oyYy_nAo2UYpXKuG36aR0JihiCPi5-Q-1.jpeg?fit=1200%2C1200&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/07\/0AQMJx5RD6K4-MJ_d5SOuX7TFSshTjbg3HByCy2MFqiusyQ9kCuaeXt5wilyjy4VphOYh7lRAT4mnOHSKyOUYC0JKkGeNJoQY3uAOQoimcyY14_593EF1uvDFpaM0ZI1oyYy_nAo2UYpXKuG36aR0JihiCPi5-Q-1.jpeg?fit=1200%2C1200&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/07\/0AQMJx5RD6K4-MJ_d5SOuX7TFSshTjbg3HByCy2MFqiusyQ9kCuaeXt5wilyjy4VphOYh7lRAT4mnOHSKyOUYC0JKkGeNJoQY3uAOQoimcyY14_593EF1uvDFpaM0ZI1oyYy_nAo2UYpXKuG36aR0JihiCPi5-Q-1.jpeg?fit=1200%2C1200&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":389981,"url":"https:\/\/climatescience.press\/?p=389981","url_meta":{"origin":430766,"position":3},"title":"Which Are The &#8220;Stranded Assets&#8221; Now?","author":"uwe.roland.gross","date":"20\/07\/2025","format":false,"excerpt":"How quickly things change. It was only two years ago, in 2023, that I was writing posts compiling long lists of quotes from climate activists warning that all assets used for production of coal, oil and gas were about to become obsolete and \u201cstranded.\u201d After all, wind and solar were\u2026","rel":"","context":"In \"climate activists\"","block_context":{"text":"climate activists","link":"https:\/\/climatescience.press\/?tag=climate-activists"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/07\/OIG-2023-07-29T181213.773.jpeg?fit=1024%2C1024&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/07\/OIG-2023-07-29T181213.773.jpeg?fit=1024%2C1024&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/07\/OIG-2023-07-29T181213.773.jpeg?fit=1024%2C1024&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/07\/OIG-2023-07-29T181213.773.jpeg?fit=1024%2C1024&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":246241,"url":"https:\/\/climatescience.press\/?p=246241","url_meta":{"origin":430766,"position":4},"title":"Don\u2019t Believe the Geniuses Claiming to Know Our Energy Future","author":"uwe.roland.gross","date":"01\/03\/2023","format":false,"excerpt":"\u201cStranded assets.\u201d You know what those are.","rel":"","context":"Similar post","block_context":{"text":"Similar post","link":""},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/03\/image-1.png?fit=1200%2C656&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/03\/image-1.png?fit=1200%2C656&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/03\/image-1.png?fit=1200%2C656&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/03\/image-1.png?fit=1200%2C656&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/03\/image-1.png?fit=1200%2C656&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":371174,"url":"https:\/\/climatescience.press\/?p=371174","url_meta":{"origin":430766,"position":5},"title":"After Years of Pushing Net Zero Propaganda the International Energy Agency Suddenly Remembers What it\u2019s For","author":"uwe.roland.gross","date":"21\/03\/2025","format":false,"excerpt":"At last week\u2019s CERA Week conference in Houston, the Executive Director of the International Energy Agency Fatih Birol\u00a0told\u00a0attendees that \u201cI want to make it clear\u2026 there would be a need for investment, especially to address the decline in the existing fields. There is a need for oil and gas upstream\u2026","rel":"","context":"In \"CERA\"","block_context":{"text":"CERA","link":"https:\/\/climatescience.press\/?tag=cera"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/03\/0Carbon-Utilization-and-Other-Needed-Technologies-for-the-Transition-to-Net-Zero-banner-2-scaled-1.jpg?fit=1200%2C588&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/03\/0Carbon-Utilization-and-Other-Needed-Technologies-for-the-Transition-to-Net-Zero-banner-2-scaled-1.jpg?fit=1200%2C588&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/03\/0Carbon-Utilization-and-Other-Needed-Technologies-for-the-Transition-to-Net-Zero-banner-2-scaled-1.jpg?fit=1200%2C588&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/03\/0Carbon-Utilization-and-Other-Needed-Technologies-for-the-Transition-to-Net-Zero-banner-2-scaled-1.jpg?fit=1200%2C588&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/03\/0Carbon-Utilization-and-Other-Needed-Technologies-for-the-Transition-to-Net-Zero-banner-2-scaled-1.jpg?fit=1200%2C588&ssl=1&resize=1050%2C600 3x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/posts\/430766","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/users\/121246920"}],"replies":[{"embeddable":true,"href":"https:\/\/climatescience.press\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=430766"}],"version-history":[{"count":9,"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/posts\/430766\/revisions"}],"predecessor-version":[{"id":430778,"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/posts\/430766\/revisions\/430778"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/media\/430777"}],"wp:attachment":[{"href":"https:\/\/climatescience.press\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=430766"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/climatescience.press\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=430766"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/climatescience.press\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=430766"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}