10 11 Executive Summary Key Solutions: Optimize the Energy System Launch coordinated energy mapping to balance supply and demand and reduce capital intensity. Use AI to optimize grid design, integrating centralized and distributed systems. Advance battery siting and optimization models and produce energy- infrastructure maturity assessments to guide investment and accelerate next-generation clean-tech deployment. Maximize the Value of Data Center Siting Define new siting archetypes beyond the US and China, aligned with energy availability and community benefits. Develop data partnerships to address data- sovereignty barriers and promote shared infrastructure standards for efficiency and carbon accounting. Embed community integration and demand-side management tools and establish regional tech-maturity and talent scores to attract investment. 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. Different policy models are shaping how energy and AI integration progresses across major economies. The United States is leveraging private capital and market- driven innovation, while China is advancing through large-scale planning and renewable co-location mandates. Europe continues to refine a coordinated approach focused on decarbonisation, digitalisation, and competitiveness. Despite these differences, one priority is universal - the need for smarter, faster permitting, and clear regulatory frameworks to unlock investment at scale. Smart policies that support investment and AI regulatory ecosystems are essential to enable progress, not obstruct growth, and to build AI-enabled workforces capable of grasping the economic opportunity ahead. As several participants observed, energy policy is now industrial policy: it must remain pragmatic and guided by insight, because regulation without realism risks slowing growth, weakening competitiveness, and choking capital. 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, Improve Access and Use of Capital Redesign financial models to align with system-wide efficiency, not individual assets - minimizing the levelized cost of energy (LCOE) across networks. Scale catalytic equity, enterprise-backed credit, and low- cost, infrastructure-light solutions that widen access to energy intelligence. Expand digital finance inclusion through online banking and simplified credit access to drive participation and productivity. Ultimately the cost of Intelligence will converge with the cost of energy. The Majlis consensus: energy abundance is the precondition for AI abundance; align policy, capital and talent now to deliver both at scale and pace, seizing this next economic wave of growth brought by the Intelligence Age. and satellite broadband as practical leapfrogs, while warning that grid reconductoring and interconnects are essential to avoid curtailment and stranded renewables. 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. We need massive investment and the capital is there but the barrier is policy and permitting. Fix that, and the capital will flow. Unattributed quote 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 6. Policy and Talent leapfrogging technology to accelerate expansion and access will require better access, and more efficient use and distribution of capital are key to developing an ecosystem attractive to investment and growth