Energy stands at the forefront of statecraft and energy security and industrial strategy are now interdependent, according to a new JPMorganChase report.
It finds that today’s contest is no longer just about barrels and pipelines but who controls minerals, grids, financing, and technologies that will power the 21st century.
“Artificial intelligence (AI) has only supercharged this shift,” it notes. “The data centres driving the AI race require gigawatts of stable electricity, forcing governments to treat power as a strategic asset on par with oil in the 20th century.” This week alone has seen Microsoft announce a major new investment in the UK, following on from Google.
Through this security-focused lens, it concludes that the clear competitive advantage for fossil fuel dominance is in North America, the Middle East, and Asia.
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