Bridgewater Associates argues that the global energy shift is not a true “transition” but rather an “energy addition,” where renewables are expanding alongside—not replacing—fossil fuels. The report highlights that policy priorities in the U.S., Europe, and China have shifted toward energy security and industrial competitiveness, reducing the emphasis on climate leadership. This shift is leading to continued investment in both renewables and fossil fuels, with a focus on the most economically viable energy sources.