Climate Optimism: harnessing the energy supercycle

The world is entering a new era of significant power demand growth, which is expected to double by 2040. This reflects both unmet needs, with 750 million people lacking access to reliable power, and the expanding role of electricity in modern economies. Combined with geopolitical tensions, energy security is back to the top of the agenda. Despite concerns that this supercycle could slow down the energy transition, we already have today the technologies to meet load growth while progressively cleaning up the system. An ‘all-of-the-above’ approach is needed, leveraging dispatchable sources like gas, nuclear or hydro, accelerating renewables and modernising the grid.