Hopefully BSA is going to ensure enough patches are available so that everyone who earns one can receive one. I just got off the phone with my local Scout Shop and was told they won’t be carrying the patch in the shop and there is a nationwide backlog on orders. They said they cannot guarantee any new orders will be fulfilled. I’m reluctant to advertise this patch to my unit if it’s unlikely we’ll be able to get the actual patch. Also, what is the price of the patch? Since it’s not up on Scoutstuff pricing isn’t available.
Some Advisory engagements can be just as grueling as Assurance engagements, but the dynamic is significantly different. For instance, Assurance work typically focuses on producing audit reports or official attestation to formally document findings for a client. As you might expect, these reports carry with them significant implications. Clients have a tendency to be very cautious in their interactions with auditors, since it is essentially the auditor’s job to ask probing questions to understand the current state to support their findings. Relationships, while typically collaborative, can be underscored by a tension which is rather difficult to explain. In fact, I would love to hear from my Assurance counterparts in order to gain their perspective on this particular point.
Seb, great analysis and discussion of the key issues, as we would expect from BNEF.
You mention a key theme is that the rate of change is far faster than any expected, and this point was borne out in your new analysis of India. Your NEO2017 highlights that India’s projected emissions by 2040 are a staggering 44% below what BNEF for just one year ago. And IEEFA would argue you are still being conservative. But when the world’s third largest energy market on the planet (and the fastest growing large economy) can shift its trajectory at the rate BNEF NEO2017 has highlighted, it remains staggering to me that those down in Canberra are so far down the coal hole that they can’t see the writing on the wall. Financial markets will move so much faster than physical markets, and stranded assets will result.
To illustrate, the Indian press this month has run a story every day about how two of the largest coal import power plants in the world – Adani’s and Tata’s power plants (plus a Essar plant thrown in for free) are to be sold to the Gujarat Government for Rs1 each – A2c for 4,600 megawatts of power (albeit plus a couple of billion of debt)! This is a clear recognition by the two largest power companies in India that the world has changed, forever. Write it off, and move on. And both are building wind, solar and transmission infrastructure as fast as they can.