The World Is Changing Dependencies. Portugal has a historic opportunity

Over the past few years, we have become accustomed to hearing about the energy transition as an environmental issue. The speech focused on carbon emissions, climate goals, international commitments and the need to replace fossil fuels with renewable sources. All of this is still important. But following the latest international reports and the transformations that are happening around us, it becomes clear that something deeper is afoot.
The world is no longer just changing the way it produces energy. It is changing its strategic dependencies.
For much of the twentieth century, global economies were dependent on oil and natural gas. Access to energy resources determined alliances, conflicts, trade routes, and political decisions. Today, we still need energy, but the nature of that dependence is changing rapidly. Electricity, energy grids, storage systems, critical minerals, data centres and artificial intelligence have come to occupy a central place in the world economy.
The recent instability in the Middle East has only accelerated a reality that was already in the making. For decades, all it took was one problem in an oil-producing region to send shockwaves through the global economy. Now, governments and companies have realized that the vulnerability is not only in the supply of fuels. It is also in the ability to ensure stable electricity, resilient grids, secure digital infrastructures and supply chains that are less dependent on third parties.
For this reason, global investment in energy is changing direction. We continue to see investments in energy production, but the focus is increasingly on the infrastructure that makes this energy usable, distributable and secure. Electricity grids, battery storage, redundancy systems, digitalization of energy and new technological infrastructure are absorbing historic volumes of capital.
And it is precisely in this new scenario that Portugal begins to gain relevance.
For many years, the country was seen primarily as a tourist destination, an attractive real estate market or an economy on the outskirts of Europe. That image has not disappeared, but it is being complemented by another reality. Portugal is beginning to appear on the radar of international investors as a territory capable of responding to some of the most important needs of the new global economy.
Energy is one of the most evident examples.
On a continent that seeks to reduce external dependencies and increase its strategic autonomy, Portugal has a competitive advantage that has long been undervalued. The country produces a very significant part of its electricity through renewable sources, has exceptional conditions to expand solar and wind production and has demonstrated the ability to integrate these sources into the national electricity system.
This is no longer just an environmental issue. It has become an economic issue.
When technology companies look at where to set up data centers, artificial intelligence infrastructures, or energy-intensive industrial operations, the availability of clean, competitive, and reliable electricity has become a decisive factor. Energy is today one of the main criteria for investment location.
Perhaps that's why it's no coincidence that Portugal is attracting more and more attention in the data center sector. It is also no coincidence that large technology companies are strengthening their presence in the country. When we talk about artificial intelligence, cloud computing or data processing, we are also talking about energy.
Lots of energy.
Data centers that will support the next generation of artificial intelligence applications need amounts of electricity that just a few years ago would have been difficult to imagine. So are digital networks, advanced computing, and many of the technologies that will shape the next decade.
The International Energy Agency precisely recognizes that the availability of reliable and affordable electricity could determine which countries will lead the new digital economy.
Portugal has a very concrete opportunity here.
But there is a second equally relevant factor: location.
The country occupies a strategic position between Europe, Africa and the Americas. The submarine cables that cross the Atlantic are transforming Portugal into a global connectivity platform. This reality, when combined with abundant renewable energy and political stability, creates a set of conditions that few markets can offer simultaneously.
Of course, the opportunities aren't limited to energy and data.
The new economy is also creating a growing demand for strategic minerals, technological components, storage systems and supporting infrastructure. Copper, for example, has become one of the most important materials in global electrification. Batteries require lithium, nickel, and other resources that are considered critical. The production of renewable energy requires equipment, components and new industrial chains.
We are facing a transformation comparable to the great industrial revolutions of the past.
The difference is that this revolution happens much faster.
What took decades to build in the traditional energy sector is now being developed in a few years. Investments are multiplying. Companies are repositioning. Governments seek to ensure strategic autonomy. And countries that manage to create favorable conditions will be able to benefit for generations.
But this is precisely where the Portuguese challenge comes in.
The advantages are there, but they are not enough on their own.
International competition is fierce. Spain, France, Germany, the Nordic countries and several emerging economies are also competing for these investments. All seek to attract technology companies, data centers, energy projects and new industries.
Portugal cannot compete only with the climate, the quality of life or the friendliness of the people.
It needs to compete with speed of execution.
It needs more efficient licensing processes. It needs electrical networks prepared to support new investments. It needs to continue to train talent in engineering, technology and energy. It needs to strengthen the link between universities and companies. And it needs to ensure regulatory stability so that investors can make long-term decisions with confidence.
At the same time, it is important not to repeat past mistakes.
Economic growth should benefit the country as a whole. Investments in energy and technology must contribute to the creation of qualified employment, to the increase in productivity and to the development of the regions in which they are located. It is not enough to attract capital. It is necessary to create sustainable value.
Still, there are reasons for optimism.
Over the past few years, Portugal has demonstrated the ability to position itself in sectors that previously seemed out of its reach. Renewable energy is an example. Technology is another. The growth of the startup ecosystem, the attraction of international talent and investments in digital infrastructure show that the country can compete when it clearly identifies its strengths.
Perhaps the biggest change is precisely this.
For a long time, Portugal was seen as a country that needed to keep up with global trends. Today the possibility of actively participating in its construction is beginning to emerge.
While many continue to look at the economy through the traditional lens, a new reality is emerging. Electrification, artificial intelligence, data centres, energy grids and digitalisation are creating a new global economic geography.
And, for the first time in many years, some of Portugal's natural and strategic characteristics coincide almost perfectly with what the world is looking for most.
The world is changing dependencies. It is exchanging dependence on oil for dependence on electricity, networks, data and technological capacity. The question is not whether this transformation will happen. It is already happening.
The real question is whether Portugal will have the vision, ambition and execution capacity necessary to occupy the place it can conquer on this new global economic map.
The opportunity exists. And opportunities of this magnitude rarely come twice in the same generation.