I RECENTLY attended a webinar by BMI Research on the topic of the energy transition, the general questions being 'How is the world progressing toward the objective of 'net zero' emissions?' and 'When can we expect greenhouse gas emissions to peak?' As with any of these predictive discussions, I have learned to take the conclusions with a grain of salt, and that certainly seems to be the appropriate reaction here.

Among economic research and analysis firms, BMI Research is as highly reliable as anyone can be in this particular business, so my skepticism is not necessarily a reflection of their capabilities. BMI is part of the Fitch group but is an entirely separate company from the ratings service for which Fitch is better known. The people at BMI take great pains to clarify that, so it is worth mentioning.