Login
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 what its climate analysis reveals and how it actually invests.
She calls it “strategic hesitation”: not denial, but the drag of mandates, benchmarks and governance built for an older energy system. A sharp look at why capital moves slowly – and why that delay is becoming a risk in itself.
Linked report: https://carbontracker.org/reports/ambition-under-pressure-analytical-leadership-vs-strategic-hesitation/
Other Episodes:
06 October 2026
Why Do Oil Fields Still Get Built?
Why do oil fields still get built? Harry Benham is joined by Guy Prince, head of Carbon Tracker's oil and gas team, to follow the long road from...
Read more26 August 2026
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...
Read more