3.3 Energy security is vital Fossil fuel energy dependence is not only HARLIN SINGH Global Head of fueling climate change but also threatens the Sustainable Investing economy and national security. We believe this MALCOLM SPITTLER strengthens the case for the transition to clean Senior US Economist and Strategist energy and for positioning portfolios accordingly. CATHERINE TURULLOLS Sustainable Investing Specialist ƒ The global energy crisis is causing inflation and lost output, especially in Europe, and deepening deprivation in some of the world’s poorest countries ƒ Dependence on fossil fuel can also compromise energy importers’ national security priorities ƒ We favor long-term investments in a variety of energy-related technologies ƒ Nevertheless, we recognize that natural gas has a continued role for now and related investments may see further near-term upside Citi Global Wealth UNSToPPABLe TreNDS | | 59 Investments