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Page 3Global Scenarios 1998-2020

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Produced by Publicity Services SLBPC 32396/15m

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Global Scenarios 1998 - 2020
Contents
About Scenarios

1

TINA Above and Below

5

The New Game11

The Framework for Institution Building

12

Energy, the Environment, and the Value Chessboard

14

The New Corporation: Learning and the Power of Strategic Design

17

People Power

19

Millennium Bangs and Innovations

20

Energy, the Environment, and Consumer’s Choice22

The New Corporation: Core Purpose and the Power of People

23

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About Scenarios
Scenarios are plausible and challenging stories, not forecasts. They do not
extrapolate from the past to predict what will happen in the future, but insteadoffer two very different stories of how the future might look. They help to prepare
for discontinuities and sudden change; they help to create a common culture or
language through which the future can be imagined and discussed; and theychallenge the mental maps we all hold.
Scenarios assist in the understanding of complex situations, providing a useful
tool for organisational learning. Some systems – the operation of refineries, forexample – are well understood and can be represented by models. But others,
especially those involving people, contain so many variables and so little hard
data that they can be appreciated only
through

intuition

and

are

best

Models, Scenarios, and Stories

communicated through images andstories. Scenarios can be viewed as alinking tool, which integrate intuitionand quantitative modelling to enhance
our understanding of how a system
works.
Previous global scenarios haveconcentrated on issues such as the oil

e
tiv

tita

Completenss of information

32396 scenario smallanQu

ModelsScenarios

Stories

e
tiv

ta
ali
Qu

Clarity of understanding1

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price, the environment, political and financial trends, and the post-Cold War
world order. This set of scenarios extends the outlook to business issues,
especially the external developments that have a direct bearing on strategic
questions currently facing multinational corporations like Shell. Under eachscenario, the section entitled The New Corporation raises fundamental issues – thefunction of corporations, the importance of strategic control points, the forces ofatomisation and commoditisation, the nature of reputation, organisational
learning, leadership, and core purpose. In the competitive worlds of these two
scenarios, corporations have to confront difficult issues head on. For example:• What does it mean to be a global company?
• What strategic control points can enable businesses to gain sustainableadvantage?
• Does unbundling businesses within a corporation improve performance?
• What risks are important, and how can they best be managed?
• Where are the profit zones* – areas where customers are willing to pay morethan the cost of capital?
• What do companies need to learn in order to perform better? How can theylearn more effectively?
• How much authority should be delegated to front-line managers, and what
processes and organisations are needed for such empowerment?
• Technology has enabled companies to organise in networks. Are suchorganisations advantageous, and, if so, where and how?
• Where should businesses provide tailored solutions for different situations and*Source: The Profit Zone, Adrian J. Slywotzky and David J. Morrison.

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Page 3different customers, and where should they offer an optimised single solution?
• How can a high-level value proposition be translated into practical businessstrategies?
• What is the best approach to technology development and commercialisation?
The Shell Group, like other major corporations, has been grappling with theseand other issues specific to our own businesses. A number of possible stories
could be written about the future of these issues. We have chosen to write twothat offer the most challenging and plausible futures. This booklet offers a brief“public” overview of those scenarios, in the hope of stimulating provocative anduseful conversation.
Global scenarios are only the start for customised strategy development in an
organisation. Central to using scenarios is the facilitated workshop, where open
discussion around the implications of the scenarios helps provide a basis for a
strategy development that is “owned” by the participants. Elements typically
include:• reconsideration of vision and objectives.
• clarification of business ideas that will lead to success.
• identification of strategic priorities.
• identification of “gaps” between where the organisation is now and where it
would like to be in the future.
• identification of relevant actions to move the organisation forward.

3

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TINA Above and Below

TINA – ‘There Is No Alternative’
In the early 1990s, the forces of globalisation, liberalisation, and technology
were sweeping the world, creating enormous challenges as well as newopportunities. The 1992 scenarios described two responses to these forces: in
New Frontiers, the opportunities and challenges were embraced, while inBarricades, they were resisted. Three years later, we saw that Barricades was astory appropriate for only a very small part of the world – the forces of what cameto be known as ‘TINA’ were simply too strong to resist.
The 1995 scenarios emerged from New Frontiers in response to the question:
what political, social, business, and economic systems are best able to exploit theforces of TINA? In Just Do It!, success came to those who took advantage of quickmoving opportunities in a world of hypercompetition, customisation, and rapid
technological innovation. In Da Wo (‘Big Me’), countries and companies
discovered that success called for a committed investment in relationships, where
trust and the enabling role of government provided the long-term strategic
advantage.

5

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In 1998, we see that TINA is more powerful than ever, and that the effects of
TINA operate on two levels: at the level of markets, financial systems,
governments, and other wide-reaching institutions (‘TINA Above’); and also at thelevel of individual people, who, in many parts of the world, rich and poor, arebecoming wealthier, better educated, and freer to choose (‘TINA Below’).

TINA Above: Globalisation, Liberalisation, Technology – and theirInteractions
Globalisation is obvious to anyone who watches American movies in Kenya, orbuys Chinese-made clothes in France, or drives Japanese cars in South America,
or listens to British CDs in Papua New Guinea.
Liberalisation is also familiar to the millions of consumers who are faced withcompeting sellers of telephone, gas, power, and entertainment services. For many
products, only a small share of value is locked into geography – which means thatthe ‘footloose’ parts of the manufacturing process can be moved anywhere. In
competing for these footloose enterprises, cities, regions, and governments findthey are subject to the discipline of global financial markets – TINA at work.
Technology innovation – a truly revolutionary force – not only improves
efficiency and enables new products and services, it also creates effects whose
impacts take many years to understand. Information technology, in particular,
intensifies TINA in three ways:• IT informs customers and suppliers, allowing customers to find the best value
from an increasing array of competitors, and allowing suppliers to tailor theirofferings to individual customers.
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Page 7• IT disintermediates, allowing customers to communicate directly with thesources of goods and services, and allowing companies to unbundle their
manufacturing

processes

andre-distribute

them

more

efficiently.

Disintermediation is a particularly subversive part of information technology,
threatening many established oligarchies, such as banking and other financial
service companies.
• IT enables, particularly in the areas of communications, automation, tracking,and speed. IT expands choice and increases transparency; it is ubiquitous,
serving as a powerful force in the globalisation of ideas; and it is mundane,
because its primary applications are in meeting basic customer needs and in
improving basic business processes, although often in innovative andrevolutionary ways.
Many people see the recent crisis in emerging markets as a resistance to TINA
and a threat to globalisation and liberalisation. But the structural failures behind
the Asian and Russian crises are not those of TINA but of the many weak domestic
institutions in those countries. The resulting pressure is to reform those weak
institutions, not to return to barricades.

TINA Below: People with Education, Wealth, Choice
Although wide variations exist, most people across the world are increasing in
wealth and education and have more choices. As people move up the familiar
Maslow hierarchy of human needs, they begin to exercise choice based on theirvalues and desires rather than on hunger and fear. For example, in developed732396 scenario small

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Page 8economies, wealthier people express a greater willingness to pay for goods andservices that are ‘green’ or that are the products of socially responsible
companies. What will be the effects of more people becoming wealthy enough tomake such choices?
In developing countries, emerging middle classes wish to exercise more choice
about the way their countries are run. The increase in the number of thesechoices, as well as the growth in education and wealth, will create new pressures
on government institutions, businesses, and even individuals themselves.

Two Scenarios for Business
The squeeze on institutions and societies will intensify in response to pressuresfrom above – open and transparent markets, globalisation, commoditisation – andpressures from below created by informed customers, smart employees,
demanding citizens, and other stakeholders. Will we learn to cope with TINA
Above by coming together to design global rules of the evolving game that allow it
to be played fairly and efficiently? Will we strengthen global institutions,continually reinvent our businesses, and learn to play The New Game?

8

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Or

will

Page 9TINA

Below,

withits

spontaneous, unstructured, and less

TINA Above and Below
Lib

era

lisa

predictable forces of wealth, choice, andtion

Globalisation

education, dominate? Will consumer
Te

chn

g
olo

TINA Aboveychoice, rising personal expectations, andgrassroots pressure groups overwhelm
attempts to impose rules and overshadow

Organisations
and Institutions

Governments

NGOs

Football
clubs

Ed

uca

tion

old institutions? Will People Power emerge,
Wealthproducing new kinds of economic activity

CompaniesoCh

TINA Below

icethat we have never seen before, andchallenging businesses with the need for creativity and resilience?
In either scenario, businesses will be transformed. ‘There Is No Alternative’ tosuch transformation. The question is: how will it occur? Which of these forces –TINA Above or TINA Below – will be more powerful in shaping the future?

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The New Game
In The New Game, existing institutions and organisations successfully adapt to the
new and evolving complexities of TINA Above. At all levels, from the local to theinternational, people come together to solve problems, and, in the process, newinstitutions emerge, and old institutions are reconstructed to deal with TINA’s
global revolution. Of course people have always come together to solve problems.
But TINA means that now, there’s only one global game to play in – or, as is thecase in some regions, to aspire to join.
On the level of individual businesses, the over-arching framework of The New
Game brings with it rules of play and models of best practice. Information
technology and high transparency allow these rules and models to be seen andanalysed. Those who learn these rules and can play well in such transparent andefficient global markets can earn rich rewards. As always, those who can design
winning strategies do well, and success breeds success – but because of the
global scope of The New Game, sustained success comes to relatively fewer
players on the field. The good players reap extremely large rewards, while those
who play poorly struggle simply to survive.
Meanwhile, the faster spread of experience, the ability to tap that experience,
the increasing feedback loops in every sector of activity, and the growth oftransparency make learning itself a necessity. Evidence of increased capacity tolearn may be found when we look at the wide variety of predictions that haven’t
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come true: the much-trumpeted limits to growth have been circumvented bymarket responses and technological progress; oil price changes have had
progressively smaller impacts on the world’s economy; nuclear war has so far
been avoided; China has not collapsed; Mexico has survived the peso crisis; Kyoto
has not been abandoned. All of these are ‘dogs that didn’t bark’. So businesses
and institutions do best in The New Game when they are designed as learning
systems, continually reinventing themselves. And transparency serves toencourage a larger number of players

World GDP Growth

to enter the game, while at the sametime, it does nothing to decrease the%/yr
6complexity of the game itself or the5difficulty

winning4

strategies. The game is increasingly

3complex, with a bigger board, new2pieces, new rules, and the emergence1ofdesigningof new institutions.

0
1990

1995

2000

2005

2010

2015

The Framework for Institution
Building
The world of The New Game has learned that TINA does not tolerate structural
financial weaknesses for very long. The Asian and Russian crises of 1997–98 andthe resulting investor responses, as well as the application of IMF corrective
measures, lead banking systems around the world to adopt a more conservative
approach. The currency crises of the late twentieth century drive home the point

12

2020

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Page 13that in this global economy, we are all vulnerable to weaknesses in any part of thesystem. A functioning macrostructure gradually emerges, and global public
opinion forms to support the notion that this stability should be institutionalised
through establishing a global lender-of-last-resort system. The International
Monetary and Financial Council (IMFC) evolves from the IMF and begins to serve
this function very effectively. Such a system can work only when there are clearer
rules to govern the financial system – for example, in regulating, auditing,accounting, and bankruptcy. To participate in and benefit from The New Game,
players have no choice but to live by these international rules.

Development of International Institutions

Top leadership
agenda-setting

Trade andinvestment

Finance andtaxation

1998

G8

WTO

IMF

2005
London2005

2006
Frankfurt

US, Canada,
EU, Japan,
India,
Russia,China,
ASEAN,
Mercosur2007
New Dehli

2012
Jakarta
2015
St Petersburg

G9

Environment
IPCC
NGOs
Protocols
UNEP

2006

IMFC
IMF
2007
Markets

2007
Standards

GCC

WCSS

• Trade• Investment• Anti-trust• Internet
privacy• Childlabour, etc.

2015

WCEB

2007
Litigation
andarbitration

ICAS• Lender oflast resort

IBSA• Supervision offinancial
institutions

GAFT
• Tax
harmonisation

2012

WEO
• Property rights• Permit allocation• Environmental standards• Ethics inbiotech.
= umbrellaorganisation

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One of the effects of the increase in effective global problem-solving and theemergence of functioning global institutions is that national governments become
only one of a number of partners in problem-solving. High tax levels have been
lowered, hidden subsidies removed, and minimal social security safety nets areavailable, but only for those in real need. Like businesses, market states are in arelentless search for best practice. In addition, the function of the state is
beginning to shift. The social contract of the old nation-state model was based on
the welfare of its citizens. Now the nation state holds itself responsible forsomething else: ensuring minimal safety nets while maintaining a fair economic
playing field for its citizens. The new model seems highly effective. Many
problems that had seemed intractable in the twentieth century are being solved,
usually at the level most suited to address them – global, national, or local.
Entrenched positions, including those of unions and special-interest lobbies, areeroded in this new world. As a result, a whole new set of international institutions
evolves, setting standards on a wide range of issues, from internet access to theenvironment.
By 2020, this new global system is in place, encouraging global competition
within defined frameworks. The rules-driven and competitive world of The New
Game prospers, with world GDP growing just under 4% per year during the
scenario period.

Energy, the Environment, and the Value Chessboard
In The New Game, Kyoto works. Consensus about the importance of the1432396 scenario small

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environment leads to the formation of
the World Environment Organisation(WEO), which emerges from working
groups of NGOs, government officials,

OECD Electricity Mix%
100
Renewables
75

and business representatives, with input
from other international organisations,such as UNEP. The WEO becomes

Gas
50
Hydro andnuclear25

increasingly skilled in encouraging andoverseeing market mechanisms to reach

0
1970

1980

1990

2000

2010

Oil
Coal
2020

environmental objectives. For example,
Atmospheric CO2 Concentration if all
Resources are Used

Kyoto is achieved through the trading ofcarbon emission permits. These market

CO2 ppmv

mechanisms reinforce TINA, which is950

driving out subsidies, and the increasing

850

reliance on rules-based systems reduces

750

fear about energy security. The effect is

650

to drive coal out of the energy mix in

550

OECD countries, in part because coal use

450

is the main risk factor for global climatechange.

Proposed
limits

Oil shales

360

Oil
Gas
Conventional Oil
and GasHeavy oil
Gas
Unconventional
Oil and Gas

Current
Coal

Note: Proven plus undiscovered resources at the 50% probability level
Source: based on IPCC 1995 Second Assessment Report and Masters, 1994

15

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As one result of technology

Oil Demand Decomposition

development,

mln b/d125Partnership

100

Total
demand

75

for

the

US

a

New

Generation of Vehicles (PNGV)
program and its competitors
succeed in commercialising a

50
Economic growth
Buildings/Industry efficiency
Vehicle efficiency
Oil substitution

25
0
1970

1980

1990

2000

2010

new

generationofhighlysought-after vehicles with three
2020

times the fuel efficiency of late1990 models.

Middle East oil producers see the writing on the wall. In order to maximise thevalue of their resource, they keep the oil price low by design and increase theirshare of the limited market.
In The New Game, competitors must continuously strive for innovation andefficiency while at the same time avoiding the pressures of regulators andcompetitors to erode advantage. With competition emerging at all stages of theenergy value chains, and with the boundaries between different energy forms
disappearing, a value chain is better seen as a kind of value chessboard. Firms
struggle to find and hold strategic positions in different parts of the value chain inorder to create competitive barriers and to move resources from one part of thechain to another when profit opportunities shift. And profit opportunities in thevalue chain do shift – constantly – making it difficult to find and hold onto zones
of unusual profitability.

16

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The New Corporation: Learning and the Power of Strategic Design
The New Game is a tough world for business. Increasing transparency andcompetition drive goods and services towards the zone of commoditisation and,eventually, into the ‘empty core,’ where profit is very low. Companies attempt toachieve competitive advantage by seizing strategic control points in a given
market and then by continually reinventing themselves in order to stay ahead of
the competition and of the very
effective

regulators,

whovigorously root out potential
monopolies. In The New Game,
strategic

cost

leadershipisabsolutely vital – but it isn’t
enough. Success depends on
identifying

theconstantly

shifting profit zone, the area ofthe value chain where customers

Finding the Profit Zone
Strategic
control points

Manage thevalue chain(Coke)
Own the customer
relationship(EDS,GE)

Own thestandard(Microsoft)
String ofsuperdominantpositions(Coke, Gillette)

Two-year productdevelopment lead
Commodity
Brand, copyright(Intel)with 10-20% cost(many)
advantage(Nucor, Southwest)
One-year productdevelopment lead (many)
Commodity
Commodity
with nowith cost
cost advantage
disadvantage (many)(many)
Source: Slywotzky & Morrison, Mercer Management Consulting

are prepared to pay in excess ofthe cost of capital. Fast, cheap, and effective learning is a core competence in thisworld, and organisations create structures to encourage this learning. The New
Game is a world designed to prevent many traditional ways of taking advantage
of customers. The challenge for management in such a world is to do better inallocating capital than the atomised, impersonal, and highly efficient market – inshort, to add value.

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People PowerIn People Power, TINA Below brings significant increases in wealth, choice, andeducation, and, for the first time in history, large numbers of people across theglobe are free to express their own values and often do so in unpredictable,
unstructured, and spontaneous ways. This flowering of diversity undercuts
authoritarianism and conformity, and appears to weaken many long-standingsocial institutions – marriage, obedience to authority, and norms of sexual
expression and public behaviour, for example. It is a volatile and exciting world,
one of great creativity and accelerating change, where ‘news of the new’ is rapidly
disseminated.
It may seem as if values are changing, too. But a closer look reveals that people
have always held differing views, but have been too poor to have time to express
them, or too constricted by authority to be able to do what they wanted, or too
ignorant to know they had other choices. What is different about People Power,
then, is not that people change their values, but that people are enabled, throughliberalisation, education, technology, and relative wealth, to behave openly andeffectively in expressing a wide range of diverse values and desires. It is as if thetight cords of authority and poverty that have held people together, like so many
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flowers in a bouquet, have been cut, leaving the individual flowers to blossom inmany directions. And, in a world of hundreds of multimedia outlets, always
looking for the new, these divergent blooms receive a great deal of attention. No
matter how strange and chaotic the world is, it appears even stranger as packaged
for news and entertainment.

Millennium Bangs and Experiments
This unleashing of diversity in People Power allows weeds to flourish as well as
flowers. It is a volatile and unpredictable world with fragmented political parties
and such a divergence of views that institutions find it difficult to build consensus.
Institutions are further challenged by the speed of change – they just never seem
able to catch up or to reform themselves or their spheres of activity in time toaddress the current problems. They do learn and reinvent themselves – but thelag between the changes in people andIndian Politics - Dimensions of Belonging

the necessary changes in the institutions
that serve them seems to be growing.

NationalRich
Congress
BJP
CPM/CPI
Shiv Sena

Region1998 Parliament:
BJP (178)
Regional Allies (71)

Poor
Secular
Left
Low

Left parties (41)
Regional Allies (56)Samajwadi
and Janata

MuslimLeagueAkali

Samajwadi

Fundamentalist

1990s cannot be let down gently without

SamataTDP Right
and TMC'Old politics'

ReligionHigh

20

asset bubble of the last years of the

BSP

RJD

Caste

Only a crisis can lead to a large-scalechange in this world. For example, the

TDP
BSP
AIADMKand others
Akali Local

Congress (141)
Regional Allies (24)Floaters (27)Class

damaging the delicate state of the world
financial system. It continues to grow,like the famous Dutch tulip bubble, until
it crashes in the new millennium.

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Page 21

The crash, accompanied by financial

Storms Lead to New Growthcrises in Japan and China, reverberates
around

the

world

in

a

seriesof‘Millennium Bangs’, creating the biggest
recession since the 1930s. Meanwhile,other problems, such as pensions and theInstitutions andsystems fit
for purpose again

StormsRegeneration

effects of aging populations, remainunresolved. Solutions are proposed, butGap

are put off. Existing institutions simply
cannot

cope

with

the

scale

and

complexities of the problem. In the end,

Institutions andsystems fit
for purpose

PeopleStructuresand systems

people have to resort to their own
solutions, for example, by creating private pensions and by continuing to work,sometimes into their seventies. This combination of self reliance andexperimentation proves to be fruitful. Although people complain and feel insecure,the increased innovation and personal initiative lead to a dynamic world.
Between 2015 and 2020, average GDP grows by 5% per year, although growthis uneven. Many relatively well off and educated citizens, who have an increasingarray of choices, join other like-minded people in expressing their values througha variety of global associations. Environmental activists, for example, are far more
likely to support their international cause, whether rain forests or whales, than
support their particular government policy, which may have been crafted toencourage particular national companies. At the same time, people engage in
intense activity at the local level, where they can see the direct results of their21

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political influence. But others, frustrated by apparent inactivity, take direct
individual action. At the extreme, this leads to acts of violence against those whoare seen to be persistent polluters.

Energy, the Environment, and Consumer’s Choice
In People Power, energy markets, like other markets, are driven by anincreasingly diverse array of end-user needs. This is a world full of entirely new
ways of doing things, with large numbers of experiments. Also, because of intense
media attention, including tailored internet news dissemination, the new catches
on rapidly. Entire industries can change almost over-night. The players in theelectricity industry, for example, are rapidly transformed beyond all recognition as
they come to terms with distributed power generation. Oil prices are volatile as
the market responds to events such as the inrush of oil from Russia and theCaspian Region and the effects of sanctions and boycotts against Nigeria andother victims of ‘the curse of oil’.
Energy marketers in People Power aggressively exploit new information andcommunication technologies to differentiate services according to time andoccasion-of-use, location, demography, and even attitude, creating an explosionof new bundled–energy services. For many customers, however, energy marketers
become an irrelevant impediment between themselves and the supplier.
After recovering from the Millennium Recession, energy demand explodes indeveloping countries. But in industrialised countries, on-going efficiency
improvements, continued economic shifts to services, and saturation of major2232396 scenario small

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Page 23energy needs keep demand growth
relatively stagnant. Not only do people

US Saturation of Household Energy Uses
% saturationprefer to spend increases in disposable

100

income on entertainment, health, and75

personal services, but also new
50

appliances tend to be small, mobile,
information-rich, and minimal in theirenergy requirements.
In People Power, although the EU

TelephoneElectrical lighting
Automobile
Washing machine
Refrigerator
Radio
Television
Air conditioning
Dishwasher
Microwave
VCR
Computer
Cellular phone

25
0
1900

1920

1940

1960

1980

2000

Source: Federal Reserve Bank, Dallas

ratifies the Kyoto agreement, the US does not. Angry about local pollution,congestion, and health issues, protesters target oil, coal, and car companies
through increasingly effective NGOs and individual action. Outrage spills over into
boycotts and other actions against polluters, including the drivers of gas-guzzlingcars. Corporations, under intense media scrutiny, are held to higher standards ofsocial accountability – People Power in action.

The New Corporation: Core Purpose and the Power of People
In this world of media spotlighting and consumer expression of values,
reputation and brand really matter. But brand may require subtle variations
across borders or other customer segments, assuming more importance in lessdeveloped nations, for example, than in OECD countries. In fact, ‘tailorism’ – thetailoring of solutions to fit individual customers – is a feature throughout theworld of People Power, extending to governments, education, services, and almost

23

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every facet of life. Companies succeed only if they can provide tailored services
not simply for their own customers, but for their customers’ customers.
Diversity in a world of ‘tailorism’ is not just about income, gender, race, andnationality, but also about skills, feelings, and values. Employees, for example, arewilling to give a lot where they find a fit between their personal values and thoseof the corporation, but are highly intolerant of companies that do not fit them. In
turn, companies find they need to tailor employment roles and opportunities to fit
many different kinds of people. Companies need diversity because they need tounderstand the contradictory trends and currents of their markets. But increasing
diversity means they can no longer afford to have single competence profiles andone-size-fits-all employee development models. In the old world of ‘Taylorism’,people were commodities – moving parts, which had to be made more efficient or
replaced. In the new world of ‘tailorism’, people are irreplaceable individuals
whose unique talents create opportunities for business growth and profit. The
creative entrepreneurs so necessary in People Power have many opportunities tosucceed on their own, so
A New Organisational Modelcompanies must work very

Customers/
Partners

hard to attract them.
Front-line
entrepreneurs

People are key to success inthis world, for only people are

Capability
developers

creative and resilient enough to
respondTop-level
institution
builders
Source: Ghoshal & Bartlett, The Individualised Corporation24

intelligently

andquickly to the unpredictable –andcustomers

are

often

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unpredictable. Successful companies are those that have highly empowered andentrepreneurial individuals close to the customer. In the absence of a hierarchicalmanagement structure, corporate leaders in People Power function as coaches forthe front-line managers, who are empowered to make major decisions.What
guides all these empowered front-line entrepreneurs is clarity of purpose and astrong sense of values, with leaders working to establish and strengthen these. In
People Power, core purpose is not just a slogan – it is the way of aligning thecompany for competitive advantage.

25

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Page 26● New global institutions● Liquid and transparent markets● Kyoto works● Low oil prices

The New Game26

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Page 5People Power● Flowering of diversity● Institutional obsolescence● Energy growth and saturation● Volatility

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