CIO Insights Resilience versus recession The debate about the energy transition and energy resilience has gained momentum recently in the light of the Russia-Ukraine war. We face a global challenge that requires consideration of the ideas and goals of developing and emerging economies especially, and also of the resulting social and regulatory issues.7 The success of the global energy transition will depend largely on its fair implementation, addressing the social and governance issues. Global energy transition success is essential to continued development but must be seen as being implemented fairly. ESG: energy transition – climate is macro essential Market and portfolio implications: o Energy transition is a key part of ESG investments o It will create massive new long-term investment opportunities for investors o But success will depend on addressing associated social and governance issues too. In Europe, Middle East and Africa as well as in Asia Pacific this material is considered marketing material, but this is not the case in the U.S. No assurance can be given that any forecast or target can be achieved. Forecasts are based on assumptions, estimates, opinions and hypothetical models which may prove to be incorrect. Past performance is not indicative of future returns. Performance refers to a nominal value based on price gains/losses and does not take into account inflation. Inflation will have a negative impact on the purchasing power of this nominal monetary value. Depending on the current level of inflation, this may lead to a real loss in value, even if the nominal performance of the investment is positive. Investments come with risk. The value of an investment can fall as well as rise and you might not get back the amount originally invested at any point in time. Your capital may be at risk. This document was produced in December 2022. 26