Lazard CEO and Chairman Peter Orszag Coauthors Article, The Troubled Energy Transition, in Foreign Affairs Magazine

On February 25, Foreign Affairs Magazine published an article coauthored by Lazard CEO and Chairman Peter Orszag alongside S&P Global’s Daniel Yergin and Atul Arya, "The Troubled Energy Transition," arguing that despite record growth in wind and solar energy, hydrocarbons like oil and coal also hit all-time highs, indicating an "energy addition" rather than a true transition.

The energy transition will require significant investment, projected at $4.5 to $4.7 trillion per year by 2030, mostly in developing countries. However, the shift from an energy system based on hydrocarbons to one based on renewables (wind, solar, batteries, hydrogen, biofuels) is proving more difficult, costly, and complex than expected. The piece outlines how expectations must be adjusted to balance renewable energy growth with ongoing investments in conventional energy sources, as this balance is critical for ensuring economic stability and energy security.

Click here to read the full article. Play the video below to watch Peter explain the core argument of the piece.