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Perspectives on a Mega Investment Theme: Energy Transition

Evercore Edge

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The Cost of Capital and the Rate Environment

Cost of capital is going up. I think it's hard for me not to go back to the dot-com bubble and compare it to where we are now. In my career, I don't think have ever been better than what they are now. The question is, are they going to demand higher returns in order to offset the higher cost of capital? Also, I think it just lends itself to more JVs to spread the risk and to be able to finance future projects. But I really don't think cost ofCapital is going to be a big big governor, maybe for the smaller early stage companies. For the more mature companies, at least the ones that I'm looking at,

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