The 2026 perspective • UNCHANGED: Near-term expectation. Seven in ten senior leaders expected AI to increase national energy consumption by 2030 a year ago, and three-quarters do now. • NARROWED: The share expecting AI to reduce energy use by 2030 has roughly halved, from 12% to 6%. At 2050 it has fallen too, from 30% to 24%. Leaders have grown more convinced that AI adds load before it saves any. “Investment decisions being made today will shape the resilience of  • NEW: the energy system for decades to come. As demand grows and Where the capital comes becomes more complex, capital needs to look beyond individual from. Private capital assets and consider how the wider energy value chain works dominates the near horizon | together. A long-term, integrated approach to investment, | and institutional money the | | underpinned by strong partnerships, will be essential to building | far one, but sovereign wealth | | the resilient energy systems needed for the intelligence era.” | and state-directed investment | | Mohamed Al Aryani | holds at around a quarter | | across both. | | President of International Gas, XRG | | Figure 7 | | Sovereign wealth and private equity are | | seen by leaders as the main sources of | | investment for the future energy system | | Most influential source of capital in investing in the future global energy system | | 24% 23% | 23% | 2030 | 2050 | | 17% | 18% | | 14% | | 11% | 11% 12% | 10% | | 9% | | 6% | 7% | 6% | Sovereign wealth Private equity and Institutional Commercial banks Multilateral Corporate balance Bond markets funds and state- venture capital investors (pension and project development sheets and (including green directed investment funds, insurance finance debt finance reinvested profits and climate bonds) companies, asset managers) Powering Possible 2026 23