Published date: 21st May 2025 | Author: Jake Coulson
This year’s market volatility – driven in part by fluctuating tariffs and rising geopolitical tensions – makes it easy to lose sight of the bigger picture.
But by looking beyond the noise, we can identify long-term structural trends. Regardless of market volatility, the IEA estimates that global energy demand may rise 169% by 2050 – but where will that energy come from?
Below, we explore key themes that may be central to the future of energy, and ETFs that may be well placed to access them.
The uranium market remains caught in geopolitical crosswinds. Tensions are rising between the U.S. and Canada, its top uranium supplier, while relations with Russia – the largest enricher – are showing signs of improvement.
Yet the fundamentals point to growing demand: 440 reactors are operational worldwide, with 66 under construction and over 85 planned. Despite this, uranium contracting fell 29% last year, creating a supply shortfall.
Despite recent uncertainty, the U.S. administration has maintained a clear stance on energy: “drill, baby, drill.” Despite tariff volatility and rising supply, expanding oil and gas infrastructure remains a priority. President Trump has opened more Alaskan land for drilling and is advancing a five-year offshore production plan. According to S&P Global, U.S. liquefied natural gas (LNG) exports could double by 2030.
If oil and gas drilling increases, we would also expect the midstream infrastructure underpinning these projects to expand.
Moving beyond the U.S., Europe is undertaking an ambitious energy transformation.
This shift is central to the EU’s broader climate strategy, which aims to cut greenhouse gas emissions by 55% by the end of the decade and achieve net-zero emissions by 2050. To support this green transition, approximately €5.6 billion is expected to be invested in renewable infrastructure, grid upgrades, and innovation.
This influx of capital stands to significantly benefit European clean energy producers, while also strengthening the bloc’s energy security and reducing its reliance on fossil fuel imports.
Key Risks
Thematic ETFs are exposed to a limited number of sectors and thus the investment will be concentrated and may experience high volatility. Investors’ capital is fully at risk and may not get back the amount originally invested. Exchange rates can have a positive or negative effect on returns.
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