Global Energy and Natural Resources Report 2022AcknowledgmentsThis report was prepared by the leadership team of Bain & Company’s Global Energy & Natural Resources practice, with special direction from Alasdair Robbie; Peter Parry, practice chairman; Joe Scalise, global practice leader; and Neelam Phadke, practice executive vice president.The authors would also like to thank Bain Partners James Allen, Julie Coffman, Jenny Davis-Peccoud, Torsten Lichtenau, Hugh MacArthur, Dunigan O’Keeffe, Dave Rennard, and Joe Terino for their contributions to this work. Thanks also to Martin DeZell, a senior manager; Nicole Edwards, marketing manager; and David Sims and the editorial team for their assistance.Net Promoter ScoreSM is a service mark of Bain & Company, Inc., Satmetrix Systems, Inc., and Fred Reichheld.Founder’s Mentality� is a registered trademark of Bain & Company, Inc.PricefxPlasma™ is a trademark of Price f(x) AG. Copyright © 2022 Bain & Company, Inc. All rights reserved.1Global Energy and Natural Resources Report 2022ContentsLetter: Toward a Deeper Understanding of the State of the Energy and Resource Transition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2Data-rich perspectives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5How Energy and Resource Executives Think about the Transition . . . . . . . . . . . . . . . 6Investing in New Growth Businesses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15Meeting the Needs of Capital and Energy Markets . . . . . . . . . . . . . . . . . . . . ....