Energy shocks have become more frequent making energy and economic security critical in an AI world. US$5 trillion-plus investment needs should kick-start a golden age in dependable energy investments to secure AI, food and tech supply chains after a decade of underinvestment. An investment supercycle unlocking US$9 trillion in value beckons.

Energy markets may be global but energy insecurity is always local, with all major economies now focused on the same issue . Given that Asia imports roughly 36% of its energy, we see the need for US$5.5 trillion of energy investments over the next five years, which would cut import dependence by nearly a fifth . This would also need US$1.2 trillion of new investments to help increase Asia's energy self dependence 100bps on average in Asia by 2030. While we believe Asia will never be fully energy independent, it can reduce its dependence on single-supply sources and diversify its energy needs, both in terms of importing nations and fuel type. We believe spending growth will focus on fossil fuels and dependable energy sources – attracting 2x more annual spend than in the recent past. Renewables may see a plateau in spending after more than doubling over the past decade, as power grids will need to improve with ~US$1 trillion of new investments before the adoption curve for renewables inflects further.