Our #valueinmotion research considers the impact of technology, climate and geopolitics on the future of industries. As the industry that funds and insures the world, it is critical for financial services professionals to understand the trends occurring in the broader domains of growth and what this will mean for the likely activity of their clients. I am spending time with my fellow industry leaders to understand these trends better. To give you a taste of this, here is Jeroen van Hoof our Energy, Untilities and Resources leader discussing what the developing trends are in how we fuel and power ourselves. #pwc#soyoucan
How we fuel and power in the future is obviously very much related to the energy transition and the move to net zero in response to climate change. Utility companies have been changing a lot over the past decades, so moving away from fossil fired power to renewables, solar and wind utilities can apply AI now in many different ways than they have done in the past with technology managing a grid and managing power in the grid with the help of AI. Gives a lot of opportunity for efficiencies. So an obvious example where few power and AI come together is in data centers. So there is a massive need for data centers to be set U. And two organized. Nice that you need investments in power infrastructure, but also how you fuel these and we see that happening. So the tech giants are actually making up alliances with energy companies to actually grow that capacity. We are moving a little bit away from a global system to a, let's say, regional system when it comes to energy supply and thinking through how geopolitics next to AI and the move to clean energies or climate change. Come together is very important. Middle East is a hotspot. Think about their investments in renewables to a large extent to finance to the revenues that were made based on fossil fuels. They will now invest in renewables, the largest solar farms, producing hydrogen, but also even investing in smart cities, thinking about capabilities that are required both in the power and the energy space. There's the obvious part of the engineering capacities. That's always been the case for these companies. Have been phasing is an aging of that population. So I think that's the first thing they need is I think more engineering skills traditional skills. But then there's a more compelling part to it once you embed different ways of working AI, whether it's front, mid or back office, you need different talent. So the tech tech guys with the background in tech in terms of culture, I think there's also something to learn for energy companies. There's a big. Opportunity actually moving a little bit away from the engineering culture to the culture of tech companies being agile, applying. Technology, AI to create value. I think that's a massive opportunity.
