The world is changing at an unprecedented pace and faces many complex challenges. This report, a result of a partnership between VINCI Energies Spain and EsadeGeo, delves into critical issue areas and offers possible scenarios for each. Drawing on historical trends and available data, this report draws takeaways on four sections: global economic and demographic tendencies, the energy transition and climate change, the clash between democracies and autocracies, and the return of industrial policy. The analyses of these global changes are all characterised by uncertainty and multiple possible outcomes. Yet, within these uncertainties lie opportunities for foresight and proactive adaptation. As we look at the trends underpinning this report, we endeavour to offer explanations to the main problems that companies, citizens and countries alike are facing.