Climate change is re-shaping the energy industry through technological innovation and capital markets pressure. Our cost curve of de carbonization shows an abundance of large, low-cost investment opportunities in power generation, industry, mobility, buildings and nature-based solutions. However, these will not be sufficient to mitigate the worst effects of climate change. Reducing net carbon emissions on this scale requires carbon pricing, technological innovation and a growing role for CO2 sequestration. Capital markets are taking a leading role in financing the energy transition, while tightening financing for hydrocarbon assets. This is likely to drive the energy transition through higher energy prices, lowering the systemic risk of stranded assets. A new Age of Restraint on new hydrocarbon developments is leading to consolidation and higher barriers to entry in the oil & gas industry, with Big Oils transitioning to Big Energy and non-OPEC oil supply growth terminating by 2021.