We stand on the threshold of a once-in-a-century change in a market sector worth $10tn annually, or more than 10 per cent of global gross domestic product. And as the French street protests of recent weeks have shown, this shift will impact everyone and shape the economy, the environment, international security and 21st century geopolitics.
We are, of course, talking about energy. The icons of modernity — from high-speed mobility via planes, trains and automobiles, lighting and air conditioning, modern medical devices and smartphones — all are fuelled by access to affordable and reliable power.
Three paradigm shifts are already shaking up the global energy landscape: the expansion of the natural gas supply due to fracking of shale formations; the electrification of transportation via lithium-ion batteries; and carbon-free electricity generation from wind and solar.