Recommendation 72

On the pace of transition, CDC state on their webpage that: we avoid short-term policy changes. We are a long-term investor who thinks in decades rather than years.155 Colin Buckley told us that the perceived slow pace at aligning with the Paris Agreement of 2015 was due to “investment decisions that were made over a decade ago” and to the “importance of natural gas as a transition power […] in countries that simply do not have the renewable structure yet”.156 Mr Buckley also told us that: the [CDC’s] strategy does not have any overall time when fossil fuels would cease, because it would depend on the individual country’s Paris path to net zero.157