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RESEARCH  |  IMPACT SERIES

The global energy race: A multi-trillion-dollar opportunity

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Lead contributors: Harry Mateer & Ajay Rajadhyaksha 

Barclays Research believes markets may be underestimating the scale and duration of the energy addition era. As AI, electrification and energy security drive energy demand higher, meeting that could require c$3.6trn of annual investment, making energy one of the most significant structural growth, capital-allocation and strategic priorities of the coming decade.

Key Takeaways:

  • AI, electrification and energy security are reshaping global energy demand. These three structural forces are increasing energy demand, driving the need for greater investment across the energy ecosystem and elevating the strategic importance of reliable and secure energy supplies.
  • Barclays Research believes the world is entering an energy addition era, rather than one of energy substitution. The world must invest in both traditional and renewable energy systems simultaneously, as growing demand is outpacing the ability of any single source to meet future needs.
  • Markets may be underestimating the scale and duration of the energy addition era. Barclays Research believes current forecasts may not fully reflect the long-term implications of rising energy demand on inflation and commodity prices.
  • Barclays Research forecasts that meeting future energy needs could require approximately $3.6trn of annual investment. The energy addition era could become one of the largest capital-allocation opportunities of the coming decade, requiring investment across energy resources, power systems, grids, storage and critical infrastructure.
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CHAPTERS

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Barclays Research contributors

Harry Mateer

Harry Mateer

Head of Americas FICC Research

Harry Mateer is the Head of Americas FICC Research, based in New York, with management responsibility across credit and macro asset classes. He also has senior coverage responsibility for US Investment Grade Energy. After two years in a loan portfolio management role, where he followed an array of sectors, Harry has covered energy since 2004 and also covered basic industries from 2007 through 2017. His experience also spans project finance, emerging markets and high yield credit. Institutional Investor's annual Global Fixed Income Research Survey has ranked Harry's team #1 for US Investment Grade Energy since 2008. Harry graduated from Emory University with a BA in Economics. He also holds an MBA from the New York University Stern School of Business, where he was a Stern Scholar.

Ajay Rajadhyaksha

Ajay Rajadhyaksha

Global Chairman of Research

Ajay Rajadhyaksha is Global Chairman of Research at Barclays, based in New York. He drives the global macro research and strategy effort, including economics, rates, FX, commodities, emerging markets and asset allocation. Since joining Barclays in 2005, Ajay has held various positions, including Head of Macro Research, Co-Head of FICC Research and, before that, Head of US Fixed Income Research and US and European Securitised Research. From 2014 to 2022, Ajay was a member of the Treasury Borrowing Advisory Committee, where he advised the US Treasury Secretary and the Fed Chair on macro-economic topics.

Maggie O’Neal

Maggie O’Neal

Global Head of Sustainable Investing Research

Maggie O’Neal is a Managing Director and Global Head of Sustainable Investing Research. Prior to moving to ESG Research, Maggie covered Basic Industries/Industrials and was named in the top three of Institutional Investor European Fixed Income Research team for her coverage of Basic Materials and Industrials from 2016-2023. She co-developed Barclays’ approach to ESG Research and assumed her current role in 2022. Maggie joined Barclays in 2015; she has 15 years of experience in research, having previously worked at Deutsche Bank. Maggie studied at UCLA, Sciences Po Paris and King’s College London for undergraduate and holds an MSc from London School of Economics.

Christian Keller

Christian Keller

Global Head of Economics Research

Christian Keller is a Managing Director and Global Head of Economics Research at Barclays. He is based in London, leading a cross-regional team that covers both Developed and Emerging Markets. Prior to joining Barclays in 2007, Mr Keller was an economist at the International Monetary Fund (IMF) since 1999. Based at the IMF headquarters in Washington D.C., he worked on active IMF programmes in Europe, Latin America and Asia; from 2005-7, he served as IMF Deputy Resident Representative in Turkey. Mr Keller graduated with a PhD in Economics from University of Köln, Germany; he holds a joint MA in Economics and Finance from University of Köln and Hautes Etudes Commercials (HEC), Paris, and a Diploma in International Relations from the Johns Hopkins School of Advanced International Studies (SAIS), Bologna. Mr Keller is a contributing member of the World Economic Forum (WEF) Chief Economists Community and a Board member of the Centre for Economic Policy Research (CEPR)

Jon Hill

Jon Hill

Head of US inflation market strategy

Jon Hill, CFA, is the Head of US inflation market strategy at Barclays, leading the top-ranked US inflation strategy team in the 2025 Extel Global Fixed-Income Research survey. Jon has more than ten years of experience in the public sector and as a sell-side strategist, having joined Barclays in 2020 from BMO, where he was a US rates and macro strategist, and previously worked at the Federal Reserve Bank of New York and US Treasury. At the individual level, he has been ranked and/or runner-up in a variety of Extel/Institutional Investor surveys, including in Fixed-Income Strategy (2019), US Rates Strategy (2019), US Short Duration Strategy (2020), European Inflation-Linked Bonds (2023), and US inflation strategy (2025). Jon earned a BA from the University of Michigan and an MPA/ID from the Harvard Kennedy School.

Pooja Sriram

Pooja Sriram

US Economist

Pooja Sriram is a US Economist at Barclays, based in New York. Her current focus is US inflation and forecasting. She contributes to the US economic outlook and has expertise in GDP accounting. Prior to joining the US economics research team in 2017, Pooja was an economist for the Global Research team, based out of London and India, focusing on thematic research. Pooja holds a master’s degree in economics from the London School of Economics and a BA(Hons) in Economics from Delhi University.

Amarpreet Singh

Amarpreet Singh

Head of Energy Strategy

Amarpreet Singh is a Vice President covering global crude oil markets. He joined Barclays’ global energy commodities research team in 2015. Before joining Barclays, Amar worked as an Equity Research Analyst covering blue-chip oil and gas stocks at Insight Guru Inc. He earned a BE degree in Civil Engineering from Birla Institute of Technology and Science, Pilani in 2010.

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