You’re going to see reality start to bite in some ways. There’s a pause and reprocessing, so it’s a matter of pacing and how it progresses from here. It’s also important to remember that the oil and gas sector is not the sum total of the Transition. In some ways, we’re debating whether they’re going to lead or follow, not whether there will be a transition. It’s a matter of whether they will get out in front of this and transform their industries or, as is a perfectly reasonable option in the non-national oil company world, simply ride it out, take their profits, and wind down when the time comes, which will obviously be some considerable time in the future.
Your thoughts on the Indian election results and impact on economic policy?
It was a bit of a surprise for the BJP. I don’t think it will change a ton in broad policy because their coalition still runs the show completely. But it will temper some of the aggressive Hindu nationalist policies they’d like to pursue. In that sense, I think it probably is a good thing for the economy because they’ll focus on practical things and not get sidetracked into a lot of the broader social goals that the BJP shares with its larger Hindu nationalist constituency. There may be a bit of a slowing down on previous economic plans, but the benefit is you’ll see a little less turmoil over social stability. Many people were hoping for strong economic changes with a strong BJP majority, but that could have come at a cost with aggressive social goals, that could cause turmoil and potentially be a huge setback for India.