Countries that fail to invest in new technologies like solar and batteries will be left behind economically. Their investment in fossil fuels is going to be worth less and less, and they will have nothing to replace it with.
But, we are going to prop up large vested fossil fuel interests as long as possible, of course.
If we don’t avoid the climate change catastrophe, then current investments are going to be even less valuable than if we do. That’s no argument for continuing to prop up those industries.
I have a feeling that the fossil-fuel investors, to the extent that they trouble their pretty heads about it at all, think that, so long as they make enough money now, they can just run really good air conditioning and it won’t affect them. Idiots.