Global energy executives now expect net zero emissions by 2070 or later, marking a significant shift from earlier 2050 targets, according to a Bain survey of over 800 industry leaders. The survey reveals that 44 per cent of executives now believe the world won't reach net zero until at least 2070, up from 45 per cent who previously expected 2050 or earlier.

This pessimism stems from insufficient policy support to accelerate clean technologies and economic challenges facing renewable investments. The report notes that former President Biden's Inflation Reduction Act initially drove optimism and capital inflows into US energy transition industries. However, the Trump administration's rollback of clean energy incentives has dampened expectations for US investment attractiveness this year.

Executives still expect hydrocarbons to dominate the global economy for at least the next decade, with half of European executives forecasting oil could peak before 2035. Meanwhile, Fervo Energy secured $421 million in non-recourse debt financing for its geothermal project in Utah, demonstrating continued investment in alternative energy despite the shifting timelines. The Cape Station project, which will deliver power to the grid this year, represents a significant milestone for next-generation geothermal technology that uses oil and gas drilling techniques.