Daniel Yergin

My own view is that

The energy transition, it's not going to happen because of price.

It's going to happen because of policy and technology, I think, is what's driving it.

I have the view that people have...

I've had to kind of simple notions of how the energy transition will work.

That's one of the things in the new map.

If people read one part of it, it's read the section on energy transition, because it tells you what we're talking about today is not anything like any other energy transition.

Every other energy transition we've had has been energy addition.

Oil discovered in 1859 overtakes coal as the world's number one energy source in 1960s.

Last year, the world used more coal than it's ever used three times as much as the 1960s.

Now the idea is can you change everything in literally in 25 years?

And I think some of that thinking was developed during COVID when demand went down and price went down, collapsed.

Part of it is people worry about energy security.

I was just reading last week the budget message from the finance minister in India.

And she talked about energy security and we have to maintain economic growth.

And it's very important to do that and energy security as well as energy transition.

So it's a different balance.

There's a difference between the North and South.

And then there's the constraints on minerals because as you make an energy transition, what people talk about, it's more mineral intensive.

An electric car uses two and a half times more copper than a conventional car.