I expect the logic of moving away from fossil fuel investment is driven by idealism?, so many Super funds & Banks have closed off future investment with fossil fuels, the transition to low emissions will be measured in decades - meanwhile populations are growing, many countries are not as well placed as Australia to go green & will need to rely on fossil fuels past 2050?, then there's all the other products that fossil fuels go into other than fuel e.g. plastics - can't see natural fibres replacing this sector in a hurry.
Therefore the reduction of new entrants into the fossil fuel sector, the concentration of fossil fuel producers likely to grow & provide ever increasing margins is likely. The wild card will be the timing of Russia : Ukraine situation being resolved & how it might be resolved - perhaps sanctions on Russia will persist & those that are producing plus the resurgence of Nuclear starting to show its head may inch into fossil fuel producers at some point?
Lack of investment in fossil fuels s/be quite rewarding for GQG for many a year, I'd expect!
Citywire article link - GQG’s Jain trusts oil firms’ longevity over tech darlings, page-2
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