Capital in Transition
Capital in Transition is Carbon Tracker's monthly podcast exploring the global reallocation of capital in the energy transition. Hosted by CEO Mark Campanale and energy advisor Harry Benham, it translates complex research into practical insight for investors, policymakers, and industry leaders. Each episode tracks where money is flowing, which technologies are scaling, how geopolitics shapes deployment, and what it means for long-term strategy. The show argues that while the transition is technologically inevitable, capital markets still need clear incentives and bankable pathways to accelerate.
Episodes
Where is Energy Capital Going?
In episode six of Capital in Transition, Harry Benham and Mark Campanale look back across the series and trace the thread running through every conversation: capital, and where it is flowing.
Two divides are reshaping the energy landscape: within oil and gas, listed majors have become capital-return businesses, prioritising dividends and share buybacks, as their reserve lives shrink. National oil
Ambition Under Pressure: Why capital hesitates
Why do investors who clearly understand climate risk so often struggle to act on it?
In Episode 5 of Capital in Transition, Harry Benham is joined by Carbon Tracker's Amy Owens to find out. Drawing on her report Ambition Under Pressure, Amy examines NBIM – manager of Norway's $2 trillion sovereign wealth fund and one of the world's most sophisticated investors – and finds a striking gap between wh
Who Builds the Future? China and the new energy system
If energy is becoming a manufactured system, then who builds that system matters. In Episode 4 of Capital in Transition, Harry Benham and Mark Campanale are joined again by Kingsmill Bond of Ember to examine where the ElectroTech build-out is happening and how this is shaping capital flows, industrial power and the future of the global economy.
The conversation explores how China has established a
The ElectroTech Revolution: Why this is an economic shift
Is the energy transition simply about replacing one fuel source with another, or are we witnessing a deeper restructuring of the global economy?
In Episode 3 of Capital in Transition, Harry Benham and Mark Campanale are joined by Kingsmill Bond of Ember to explore what he calls the “ElectroTech Revolution”, the shift from an energy system based on extracting and burning fuels to one built around m
The $4.5 Trillion Myth: What the transition really costs
One figure has come to dominate discussions about financing the energy transition: $4.5 trillion per year. But what exactly does that figure represent, and does it accurately reflect the scale of the challenge facing capital markets?
In Episode 2 of Capital in Transition, Mark Campanale and Harry Benham examine how headline transition investment estimates often combine fundamentally different ca
The Quiet Retreat: Why Big Oil isn’t leading the transition
In its November 2025 piece, The Quiet Retreat, Carbon Tracker argues that, despite political calls for more oil and gas financing, many international oil companies are acting as if long-term demand growth is uncertain. After a decade of capital discipline, investment in new oil and gas supply has stabilised well below the 2014-2015 peak, and more cash is being returned to shareholders rather than
