In 2020/21, the pandemic brought accelerated investor interest in climate and ESG and fueled the narrative around the decline of fossil fuels (and fossil fuel producers). In 2022, these trends seemed to slow and—in some quarters—even reverse. The war in Ukraine revived the specters of inadequate energy supplies and high prices. There was more acceptance that conventional fuels will play a key role in the energy mix for years to come and this in turn raised concerns about underinvestment in existing energy systems. After several years of poor returns and share price underperformance, oil and gas companies—by a wide margin—led the market. While the direction of travel appears to be clear—increasing focus on climate and sustainability—the pace seems less certain. The focus has returned to the trilemma of energy security, affordability and sustainability, and the need to balance the energy transition with sustained investment in conventional fuels. Climate-focused policies remain uneven globally. COP27 responded to some longstanding demands but prompted new questions on how the promises will be implemented. For investors, the correlation between sustainability and market performance is much less evident, raising concerns around how to generate returns while meeting demands for sustainable portfolios. How should companies allocate capital between conventional and newer technologies? What role should conventional energy producers play in delivering the new energy technologies that are needed for the energy transition? How far can electrification realistically go to achieve net-zero goals? Are digital technologies delivering their promise to support sustainability goals? Is diversification the right approach, and will investors reward it?