Capital in Transition

If energy is becoming a manufactured system, then who builds that system matters. In Episode 4 of Capital in Transition, Harry Benham and Mark Campanale are joined again by Kingsmill Bond of Ember to examine where the ElectroTech build-out is happening and how this is shaping capital flows, industrial power and the future of the global economy. The conversation explores how China has established a...

Is the energy transition simply about replacing one fuel source with another, or are we witnessing a deeper restructuring of the global economy? In Episode 3 of Capital in Transition, Harry Benham and Mark Campanale are joined by Kingsmill Bond of Ember to explore what he calls the “ElectroTech Revolution”, the shift from an energy system based on extracting and burning fuels to one built around m...

One figure has come to dominate discussions about financing the energy transition: $4.5 trillion per year. But what exactly does that figure represent, and does it accurately reflect the scale of the challenge facing capital markets?   In Episode 2 of Capital in Transition, Mark Campanale and Harry Benham examine how headline transition investment estimates often combine fundamentally different ca...

In its November 2025 piece, The Quiet Retreat , Carbon Tracker argues that, despite political calls for more oil and gas financing, many international oil companies are acting as if long-term demand growth is uncertain. After a decade of capital discipline, investment in new oil and gas supply has stabilised well below the 2014-2015 peak, and more cash is being returned to shareholders rather than...