10 Executive Summary Beyond the traditional hubs of China, the EU, and the US, where focus has been on technical and scientific advancement and corporate productivity gains, there is the opportunity and the imperative to unlock the next wave of inclusive growth and create value for all by investing in expanding access to both energy and intelligence, simultaneously, at speed and at scale. 17% of Data Center investment 68% of population today 75% of population in 2050 76% of Data Center investment 29% of population in 2024 23% of population in 2050 75% of power demand growth in the US, Europe and China and 95% for the Rest of the World will come from outside of concentrated data center demand and as such will be more dispersed, requiring six million kilometers (eight times to the moon and back) of new transmission lines by 2050 and $650 billion per annum of grid investment, up to 50% of which will be for grid upgrades and replacement. Without this investment, progress could be significantly held back. Oxford Economics calculates $75 trillion of global economic wealth could be created through improved connectivity, creating unparalleled investment opportunities for those ready to lead. Fostering AI and energy sector growth in emerging markets requires leveraging innovative policies, cost- efficient energy strategies and robust infrastructure investments. Providing over three billion people with access to reliable energy for the first time will require infrastructure-light solutions such as delivering distributed energy and satellite-based broadband. Speakers underscored data center co-location with reliable grids, distributed and on-site generation, Amidst the long-term uncertainty, competing for capital to invest for future energy demand growth will be a challenge, where energy investments will require $2.5 trillion per annum, investment in data centers and digital connectivity will require $1.3 trillion per annum ($40–50 billion per GW) while other infrastructure investments such as transportation and water will compete for another $4 trillion per annum. Together this represents over 30% of today’s total global investments. Where capital is scarce, renewables could enable energy to be built out more rateably with demand, reducing upfront capital expense and leaving a legacy of low operating-cost energy. Capital markets must evolve to enable optimal solutions to efficiently use capital to maximize and accelerate economic wealth. Investor interventions stressed that the money exists in pension and sovereign pools, but execution and permitting are the binding constraints. The digital revolution rests on physical foundations — molecules, metals, and grids. Every chip and data center needs energy. Energy is the ultimate input in the AI age. Unattributed quote 5. Infrastructure-Light Solutions 4. A Capital-Constrained World leapfrogging technology to accelerate expansion and access will require better access, and more efficient use and distribution of capital