Reading toward the end of the Goldman oil upgrade note discussed previously (available to pro subs) we find what is arguably the most important information in the entire research report.
Discussing how the Russian invasion will result in a "dramatic reshape of the global energy landscape for the coming decades", Goldman writes - at the very end of the note - that:
The energy shock created by Russia will change energy policy and planning in coming years, in our view. The EU will soon announce its energy roadmap and has reportedly shifted its short-term focus from decarbonization to energy security, likely relying for now on more coal, more nuclear, and gas generation, and overall allowing for more carbon emissions [consistent with the sharp sell-off in European carbon prices over the past week of nearly 30%].
As Goldman concludes: "This should prove be a significant positive for US and core-OPEC energy output in coming years, and the price induced accelerator of the energy transition for the following decade."
The take home lesson here is never let your energy policy be dictated by a petulant teenage girl, whose subversive ideas - as some jokingly suggested...
Greta was the greatest Russian spy of all time… https://t.co/Bz6li2CuGX— Kuppy (@hkuppy) March 4, 2022
... have been the biggest boon to Putin in the past decade, facilitating the enrichment of the Russian nation and indirectly enabling the Ukraine invasion.
In conclusion all we can say is that it's better late than never that the idiots in charge finally read what we wrote last June - "Will ESG Trigger Energy Hyperinflation." We now know the answer.