Recalibrating the world’s energy system to meet net-zero targets while sustaining production systems that foster energy security will require trillions of dollars of investment. Governments have taken leading roles in industrial policy by offering massive incentives to catalyze private capital and accelerate transition goals. But these energy investment needs come as the global economy faces significant headwinds from high inflation, slowing growth and heightened risk from geopolitical instability. How will markets respond? How will investors navigate these risks and opportunities? What will be the impact of the U.S. Inflation Reduction Act in accelerating investment? What will facilitate capital flows to developing countries to promote just energy transitions and bridge north-south divides?