A major transition in the energy system is already underway and is disrupting every industry, every country and every investor portfolio. For decades, the world has wrestled with an “energy trilemma” in balancing multiple goals: reliability, universal access to affordable energy, and avoiding environmental harm. Today we stand at a critical inflection point as the complexity of balancing these competing priorities has dramatically increased in a world facing multiple interlocking crises. For investors, the dynamic energy landscape challenges conventional wisdom around energy and long-term investors will need to go beyond simplistic narratives.