The global balance of power is being rewritten not by weapons, but by energy. As oil shocks expose vulnerabilities across Europe and Asia, China appears to have quietly built a buffer through renewables, coal, and electrification, reducing its sensitivity to global supply disruptions. However, energy independence does not automatically translate into investor returns. Fierce domestic competition, government intervention, and structurally lower margins could cap upside even as China gains geopolitical strength. Aadil Ebrahim, Group Head of Equities, Klay explores how this shift is reshaping global markets, where the real winners are emerging, and how investors should position for the next decade of energy-driven competition.

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