Doubtless you know the parable?
Three wise men enter an ancient Indian cave, bent on examining a mysterious creature, crouching in the darkness.
One of them takes hold of its tail, declaring it to be a monkey – “Okay, we can cage it!”
The second grasps the animal’s trunk and, convinced it’s a cobra, proceeds to knock it on the head.
The third has got the measure of its ears: it’s a pterodactyl, so¬† must already be extinct.
When day dawns they’re all found to be wrong: what they’ve alighted upon is actually a big white elephant.
Recently, three other wise persons gathered (metaphorically) in their own small caves, representing the International Energy Association (IEA), London-based AXA Investment Managers, and the Global Coal Association.
This time they immediately concurred on the nature of the beast. It’s massive, black, and its name is Coal.