For more than a century and a half, the world’s economies, industries, and even financial sectors have developed around relatively cheap, readily available fossil fuels and abundant land. Governments and corporations have invested trillions of dollars in fossil fuel and land development, and nearly every economic sector in every country is affected by the cost, reliability, and availability of energy derived from fossil fuel. This study focuses on the four fossil fuel industries - oil, coal, natural gas, and fossil fuel electricity generation - evaluating the potential impact that a transition to a low-carbon economy might have on investors, consumers, producers, and governments and, crucially, how policy can shape that impact. Through a series of modeling exercises that detail potential transition mechanisms, it shows that policy is the main determinant of winners and losers. Based on this concept, this paper summarizes the main findings from this analysis, drawing the main lessons from each of the four separate analyses of global and national oil, coal, gas, and fossil fueled power industries.