LONDON 1201AM, 14 January, 2014: Mark Fulton and Mark C. Lewis are Founding Partners in a new research and consulting group focusing on the ongoing transition of the global energy system – Energy Transition Advisors (ETA).

Most recently, both worked at Deutsche Bank in the climate and energy sectors, and together they have over 50 years of combined research and analysis experience within investment banking, spanning three continents.

Lewis and Fulton recently advised the Carbon Tracker Initiative (CTI) on the research paper Keystone XL Pipeline – A Potential Mirage for Oil-Sands Investors, and ETA will be working on further research projects with CTI in the future as part of its ongoing strategic relationship.

“ETA is to be a consulting group where experts from the finance and other related industries can co-operate together to provide high-quality strategic advice,” Mark Fulton said.

“Prompted by environmental and climate constraints that have been so well emphasized in financial-market terms by the idea of a carbon budget, looking at the demand prospects for high carbon fuels and the CAPEX risks in developing those fuels is a crucial issue for investors, companies, financial intermediaries and indeed regulators.

“The ideas of unburnable reserves, wasted capital and stranded assets have been well set out at a global level by the Carbon Tracker Initiative and what we at ETA will be doing is taking this to a deep level of understanding, right down to the project level, and acting as an engine and hub for research on the energy transition,” Mr Fulton said.

“Investors and policy-makers need to understand the key drivers that are transforming the global energy system. On the demand side, policy, demographics, and income changes are upending the traditional profile of global energy demand, and this is generally well understood,” Mark C. Lewis said.

“Arguably more important, though, and certainly less well understood, is the supply side of the equation, where it now essentially comes down to a straight fight between geology and technology, with policy the arbiter between the two in many contexts,” he said.

“Fossil fuels are on a long-term upward cost trajectory in real terms, whilst the real cost of renewable energies will continue to fall over time as the twofold benefit of improving technology and deployment at ever greater scale further enhance efficiency.

“The future will see a series of cost-inflection points, as the cost advantages enjoyed until now by fossil fuels relative to renewables are inverted in line with a range of geological, technological, and policy factors,” Mr Lewis said.

“These inflection points will occur at different speeds in different jurisdictions, but the logic of the cost-inflection narrative is both inexorable and inevitable. Those investors and policymakers who understand this narrative will prosper; those that do not, will wither and ultimately be left stranded,” Mr Lewis concluded.

ETA’s mission is to research and analyze energy markets in the context of the economic and policy trends that are driving one of the great transitions in history – the transition away from fossil fuels towards more sustainable sources of energy.

Analyzing the economic and policy risks increasingly embedded in the exploration, development, and extraction of fossil fuels will be a central focus of the group’s work, with ETA offering advisory and consulting services to the not-for-profit, public and commercial sectors.


Mark Fulton is also a Senior Fellow at Ceres and the Climate Bonds Initiative, Special Advisor to IGCC and Advisor to CDP and member of UK Capital Markets Climate Initiative. He sits on the Advisory Board to the Carbon Tracker Initiative.

Mark Lewis is a British Citizen and holds a BA (First-Class Hons) in Modern Languages and Economics from Sheffield University, an MPhil from Cambridge University, and an MA from London University. He is married with two daughters and works out of Paris, where he has lived since 2001.

Further information: