A recent study by PGIM reveals that the global energy landscape is undergoing a significant transformation due to factors like artificial intelligence, rising middle-class energy demands, geopolitical tensions, and decarbonization efforts. The surge in power demand is reshaping the energy system, presenting both opportunities and risks for investors. The research emphasizes that a simplistic 'brown' versus 'green' dichotomy is inadequate for achieving environmental objectives. It underscores the importance of understanding which companies will drive the energy transition successfully. Renewables, especially with the need for infrastructure development, are experiencing rapid growth globally. Natural gas is highlighted as a crucial fuel source during this transitional phase, particularly in replacing coal in regions like China and South Asia. While technologies like hydrogen and carbon capture offer potential, scaling challenges persist. Traditional energy firms, including 'Big Oil' adaptors, are positioning themselves as key players in the energy transition. The study stresses the necessity of meeting rising energy demand sustainably and affordably, presenting long-term investment opportunities while cautioning against overhyped areas.