This year’s report includes new proprietary data and analysis from several Bain research initiatives, to better understand the depth of our collective ambition, the progress we’re making, and the challenges we still face. The findings make us cautiously optimistic. ENR companies are investing as much in innovation and impact, combined, as they are in economics—a good sign that executives are investing in the future. Fewer than 15% of capital investment decisions are characterized as made solely on an economic basis. The large profits that some energy companies earned during the first months of 2022 are likely to sharpen focus on capital decisions, as executives work to get the balance right between funding the current business, investing in the future, and rewarding shareholders.