24 2.2 FROM EXPOSURE TO INVESTMENT OPPORTUNITY For this analysis, the baseline represents a defined set of measures to strengthen supply security and the ability to withstand disruption. In practice, meeting this baseline could require: • Bypass pipelines: build pipeline infrastructure that provides an alternative route around a critical chokepoint, allowing supply flows to be maintained when the primary maritime corridor is disrupted or contracting. • Strategic storage: build oil and gas storage to provide a 90-day import buffer. For gas, that translates into over 90 Mt of additional gas storage globally required to increase from its 36 days of import coverage today. For oil, that means approximately 450 million barrels of additional storage. As conflicts and disruptions become more prolonged, attendees at the Majlis highlighted the 90 day baseline may also need to be reassessed. • Alternative shipping routes: Add shipping capacity to maintain flows when vessels are rerouted around chokepoints. For example, rerouting traffic from the Strait of Malacca to the Lombok and Makassar Straits would require approximately 95 additional oil and LNG carriers to maintain current transit volumes. • Power system cybersecurity: upgrade cyber protection across predominantly power generation and transmission assets to strengthen resilience to cyber disruption. The analysis provides an initial assessment of what this investment could entail in practice. It does not represent the full investment required for global energy resilience, while cybersecurity costs remain particularly uncertain as threats evolve. While illustrative, the estimate underlines the scale of the resilience challenge and the potential for investment needs to rise as threats and vulnerabilities evolve. UNATTRIBUTED QUOTE “YOU CANNOT COMPENSATE FOR A DECADE OF UNDERINVESTMENT OVERNIGHT. WE MUST CONTINUE INVESTING IN THE ENERGY SYSTEM WE HAVE WHILE BUILDING THE ONE WE NEED.” 3. Filling new storage capacity would require roughly $70-80 billion of additional working capital, that is not included in Figure 12. 4. It does not include investment to protect energy infrastructure against climate-related events, or to strengthen the cyber and physical security of other non-power critical infrastructure, such as refineries.