This report is divided into four parts. Part one provides a perspective on the development of fundamental drivers for the global energy system. Part two provides an outlook for power systems, and outlooks for each energy type and carrier, including hydrogen, sustainable fuels, natural gas, oil, and coal, as well as a view on the role of CCUS. Part three discusses carbon emissions, and part four reflects on implications for business leaders and policy akers, including a view on value pools and an outlook for energy investments.