The energy industry continues to evolve as sectors converge and as demand, supply and consumer preferences change. The global economy is shifting to lower-carbon sources of energy, coinciding with (or resulting from) a renewed focus on environmental, social and governance (ESG) issues. “Energy transition” is commonly used to describe the recent full-court press towards cleaner energy; however, energy evolution, energy progression, energy advancement and a host of other terms have all been used to describe achievement towards a net-zero carbon world. The recent policy focus on renewable and clean energy, which has trickled down to capital preferences, consumer demand and other forces, is driving discussions and decisions towards “cleaner” energy, and, in certain instances, away from traditional fossil fuels. Companies are analyzing whether to pivot or to expand, or a combination thereof, as the continued shift towards greener or cleaner energy sources progresses. These topics are further discussed in this Legal Update.
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