Ninety One's Nelson: A windfall tax 'is not the right way to go'

PM of Energy and Natural Resources fund

Tom Nelson, head of thematic equity within the multi-asset team at Ninety One and co-portfolio manager of the firm's Energy and Natural Resources strategies, talks to Elliot Gulliver-Needham on the challenges and opportunities for sustainable investing.

Do you expect that in the next couple of years energy markets will return to normal, following the Russian invasion of Ukraine? If you look at the oil and gas conundrum, it runs something like this: If you are an oil and gas producer, looking forward 15 or 20 years, you can see reasonably clear signs that demand is going to be lower. So, if you are taking long-term investment decisions, you have to have the confidence to say, for exploring or building the infrastructure or refinery, that is a good way to spend $30bn. If we are going to solve this problem, it seems to me that these big ...