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• We are in a new environment marked by geopolitical uncertainty and rising commodity prices.
• Energy security and energy transformation are two sides of the same coin.
• The security environment might actually dictate short-term action that could set back the green agenda to some degree.
• However, in the long term there is no conflict between energy security and energy transformation.
  

In the context of the changing energy landscape in Europe, North America and emerging markets as a result of the war, soaring commodity prices and deglobalization, there will be challenges for investors, but also, we believe, many opportunities, particularly in the alternative space.