A rocky net zero pathway

Monday 17 April 2023

In 2022, the war in Ukraine impacted the energy supply outlook and also had implications for the net zero path. Security, affordability (in volume and prices) and sustainability of the energy supply were challenged, driving the need to diversify the energy supply mix. While this has somewhat accelerated the shift towards greener energy sources, it has also led to a more uncoordinated response, as each country moved to secure its own needs. These developments come on top of inflation remaining high, having originally stemmed from the Covid-induced supply bottlenecks, which are becoming less sticky. Taking a long-term view of these disruptive trends, and their implications on long-term asset class forecasts and strategic allocation, we are pleased to share with you the annual update of our capital market assumptions (CMA) publication. 

Download Key Insights and Thematic Paper (EN)


In 2022, the war in Ukraine impacted the energy supply outlook and also had implications for the net zero path.