The New Gold
Walk into any boardroom in 2025 and you will hear three familiar words pop up again and again: data, energy and water.
These three simple words are likely the new gold of the 21st century because they share four features with historical gold rushes:
1. They are scarce in the places that need them most.
2. They are unevenly distributed.
3. They carry outsized geopolitical leverage, and
4. They can compound value across the rest of the economy.
So, suppose you are planning a strategy for a country, a company, or your own career. In that case, it is essential to understand why these resources have moved to the centre of power, who stands to win, who may lose, how quickly the shift is unfolding, and where the proverbial new seams will be found.
Why Data is the New Gold
Data has become an input to almost everything that scales in the modern economy: personalised services, targeted advertising, logistics, product design, drug discovery, predictive maintenance, and the orchestration of entire power grids.
The Organisation for Economic Co-operation and Development describes data governance as a top priority for governments due to the significant role data plays across finance, health, research, and public administration, and because poor governance erodes competition, privacy, and trust.
That is the polite policy way of saying that data confers structural market power.
Whoever gathers, curates, and protects it can accumulate an advantage far faster than rivals who merely build discrete products.
This value creation is visible in the real economy.
The United Nations Conference on Trade and Development reports that business e-commerce sales across a sample of 43 countries increased from approximately $17 trillion in 2016 to around $27 trillion in 2022, while internet-connected device counts are projected to reach 39 billion by 2029.
Those two forces increase both the volume and the strategic relevance of data.
The rulebook is being written in real time. When resources matter, rules follow.
Europe’s Artificial Intelligence Act entered into force in August 2024. It sets a risk-based regime and will phase in obligations through 2025 and beyond, shaping how data are collected, used and audited.
The Act extends the European Union’s earlier privacy template into algorithmic oversight, a good signal that data has become a regulated essential resource rather than a tech novelty.
The Data–Energy–Water Triangle
There is a catch.
Artificial intelligence and cloud computing facilitate data movement, but they are ultimately grounded in physical constraints.
The International Energy Agency projects that global electricity consumption by data centres will more than double to around 945 terawatt-hours by 2030, with artificial intelligence the most significant driver.
That would be just under three per cent of total global electricity use, but it is the speed and localisation that matter for grids and communities.
Water is part of this story.
Cooling high-density computing has measurable water footprints, which is why leading firms now publish water stewardship plans and replenishment targets.
Google reports that it aims to replenish 120 per cent of the freshwater consumed across offices and data centres by 2030 and had reached about 64 per cent replenishment in 2024, while operators and analysts debate the scale and locality of data centre water use.
The signal is clear: access to water rights and cooling solutions is becoming a competitive factor in site selection for digital infrastructure.
Why Energy is the New Gold
Electrification is everywhere.
Electricity demand increased by 4.3 per cent in 2024, outpacing both total energy demand and global gross domestic product.
The International Energy Agency attributes the surge to the electrification of industry, the widespread adoption of air conditioning, the rise of electric vehicles, and digitalisation.
The decade ahead will bring artificial intelligence and data centres as a rapidly growing load.
The Minerals Under the Hood
The clean-energy system runs on copper, lithium, nickel, cobalt, graphite and rare earth elements.
The International Energy Agency’s Global Critical Minerals Outlook 2025 projects that lithium demand could rise fivefold by 2040 in a policy-as-stated scenario, while graphite and nickel demand could double, cobalt and rare earth elements demand could increase by roughly 50–60 per cent, and copper demand could rise by about 30 per cent.
These are large, capital-intensive mining and processing operations with long lead times, stringent permitting requirements, and a concentrated geographic footprint.
Consider copper. It is the quiet workhorse of electrification because every motor, inverter and cable depends on it.
The United States Geological Survey reports identified copper resources of around 1.5 billion tons, with undiscovered resources estimated at around 3.5 billion tons.
That sounds abundant until you realise the investment, water, and social licenses needed to turn those resources into refined metal near ports, smelters, and factories.
Lithium is equally important with the United States Geological Survey’s 2025 summary details rapid capacity expansions across Australia, South America, China and emerging producers, while new resource estimates in Chile underscore both potential and geopolitical competition.
Mining headlines will come and go, but the direction is unmistakable: energy security today includes secure access to the minerals and refining capacity that enable electrification.
AI’s appetite will force energy system choices.
The International Energy Agency’s 2025 study on energy and artificial intelligence finds that electricity used to supply data centres could exceed 1,000 terawatt-hours in 2030 and reach 1,300 terawatt-hours by 2035 in its base case.
Scaling clean, dispatchable generation and flexible demand response will determine whether artificial intelligence deepens fossil fuel dependence or accelerates grid modernisation. Either way, firm power, transmission capacity and grid-flex technologies have become strategic bottlenecks.
Why Water is the New Gold
Water risk is no longer a far-off scenario. United Nations agencies and scientific assessments converge on three points.
Firstly, agriculture accounts for approximately 70 per cent of freshwater withdrawals, industry for just under 20 per cent, and municipal use for roughly 12 per cent.
Secondly, groundwater supplies about half of domestic withdrawals and a quarter of irrigation water.
Thirdly, demand has been rising at a rate of close to one per cent per year for decades, even before the effects of climate change are factored in.
Once you overlay climate volatility, the picture sharpens.
The World Meteorological Organisation reports that two-thirds of river basins experienced abnormal conditions in 2022.
Droughts and floods repeatedly disrupted economies from southern Africa to the Amazon. Groundwater levels were below normal in the majority of monitored wells. This is why the United Nations system now frames water as a driver of prosperity and peace rather than a narrow utility concern.
The World Resources Institute’s Aqueduct rankings indicate that one quarter of humanity resides in countries with “extremely high” baseline water stress, and that at least half the world experiences high water stress for at least one month each year.
Corporate site selection, farming patterns, and population growth are converging on that constraint.
The Water–Energy Loop
Energy systems need water for cooling, fuel extraction and processing. Water systems require energy for pumping, treatment, and increasingly, for desalination and reuse.
The International Renewable Energy Agency and the World Meteorological Organisation emphasise the impact of climate variability on renewable energy production and how renewable energy, in turn, can support more sustainable water services, including desalination, in water-stressed regions.
The World Bank’s work in the Middle East and North Africa region reaches a blunt conclusion: institutional fixes and regional partnerships are as important as new concrete and steel if water security is to be achieved.
The Drivers Behind the “New Gold”
1. Demand growth outpacing supply expansion. Electrification and digitisation are raising the floor on electricity demand. Artificial intelligence is pushing the boundaries. Water demand grows steadily, even before climate volatility is factored in. The International Energy Agency’s recent electricity review and artificial intelligence studies capture the rapid pace of change.
2. Concentration of assets and chokepoints. Data are concentrated in a handful of global platforms and hyperscale clouds. Minerals are concentrated in a few countries with complex politics. Water stress is concentrated in regions with fast population growth. Each concentration creates bargaining power and fragility. Aqueduct’s maps and the International Energy Agency’s mineral outlook quantify those imbalances.
3. Regulatory hardening. When a resource becomes strategic, lawmakers move. Europe’s Artificial Intelligence Act and updated data governance initiatives are early examples on the data side. On the energy side, new permitting and supply-chain policies are reshaping how and where minerals can be sourced. As for water, countries and cities are recalibrating rights, pricing and reuse mandates after repeated drought and flood shocks.
4. Capital intensity and long lead times. New copper mines, transmission lines, desalination plants and hyperscale campuses take years to obtain permission and build. That lag amplifies scarcity pricing and makes early movers’ siting decisions powerful.
Likely Winners and Losers
Winners
1. Countries and regions with reliable, low-carbon power and water security. Northern Europe, with its abundant wind power and cooler climates, and parts of North America with strong grids, as well as countries that combine renewable resources with desalination and reuse at scale, will attract data-rich industries. The International Energy Agency’s projections show that regions planning grid expansion and firm clean power have an edge.
2. Mineral-rich jurisdictions that improve governance. The International Energy Agency projects sharp demand growth for energy transition minerals. Countries that can de-risk permitting, social license and mid-stream processing will capture more value than those that export raw ore. The Democratic Republic of the Congo, Chile, Indonesia, Australia and Canada sit on large endowments; their relative success will hinge on policy credibility and community partnerships.
3. Companies that master the data–energy–water efficiency frontier. Operators that reduce water intensity through advanced cooling, shift to cleaner firm power, and implement robust data governance will lower both costs and regulatory risk. The Uptime Institute’s 2024 survey and hyperscalers’ public water stewardship plans signal where competitive practice is moving.
4. Cities that get ahead of water risk. Municipalities that price water sensibly, invest in leakage control, recycling and aquifer management, and align industrial permits with watershed reality will be better able to accommodate growth. The United Nations World Water Development Report frames these as choices for prosperity, not just environmental ones.
Losers
1. Regions with high water stress and weak institutions. Water-intensive industry will avoid areas where permits are uncertain and the risk of conflict is rising. World Resources Institute data identifies several such hotspots, and recent legal disputes over data centre water in drought-prone regions show how quickly projects can be delayed.
2. Single-commodity exporters without diversification. If you export a single mineral but lack the refining capacity, you are vulnerable to price fluctuations and policy changes. Recent cobalt policy moves and quota debates illustrate the leverage that host governments can exert and the volatility buyers must manage.
3. Firms that treat data as an afterthought. Companies that cannot guarantee the provenance, privacy and quality of their data will pay more for customer acquisition, face regulatory penalties, and lose the ability to train competitive models in-house. Europe’s enforcement of the Artificial Intelligence Act will make this a balance-sheet issue, not a compliance footnote.
How Fast Will These Become Critical Resources?
The answer is: already, and faster than most planning cycles. Three clocks are ticking at once.
1. The artificial intelligence build-out clock. On current trajectories, global data-centre electricity consumption could double by 2030, with artificial intelligence-optimised centres growing even faster. That forces immediate grid planning, siting and water decisions in the second half of this decade.
2. The minerals project clock. New copper and lithium projects often require half a decade or more from discovery to production. With demand curves steepening into the 2030s, the critical period for approvals and community agreements is now. The International Energy Agency and United States Geological Survey data suggest that delays in the next three years will echo through the entire clean-energy supply chain.
3. The hydrological clock. River basins do not wait for budget cycles. The World Meteorological Organisation’s latest hydrological assessment shows abnormal conditions in most basins for six consecutive years. That indicates a regime shift rather than a sequence of one-off anomalies. Urban planners, farm cooperatives, and industrial users must assume volatility as the base case.
Where Will We Find the New Supplies?
Data
1. Everywhere, data is generated but poorly organised. The richest new “seams” are not only in consumer apps. They are found in factories, healthcare systems, agriculture, and energy networks. The payoff comes from governed access, interoperability and secure sharing. The Organisation for Economic Co-operation and Development’s guidance on data governance serves as a good benchmark for building those capabilities at both national and enterprise levels.
2. At the edge, but tied to resilient hubs. Expect a dual model: hyperscale campuses for intensive training and aggregation, and local “edge” clusters for latency-sensitive tasks, all interconnected by fast networks and consistent data policies. The policy and permitting bottlenecks will be power and water, not rack space. The International Energy Agency and Uptime Institute surveys indicate that cooling, load management, and siting are the primary gating factors.
Energy
1. Critical minerals plus transmission. New copper in Latin America and Africa, lithium in Australia and South America’s salt flats, nickel and cobalt in Indonesia and the Democratic Republic of the Congo, and rare earth elements in China and emerging producers are the inputs. However, the system will only be effective if countries also build refineries, smelters, and long-distance transmission lines that can carry renewable energy to end-users. The International Energy Agency’s minerals outlook and the United States Geological Survey’s summaries map the mineral side; electricity outlooks lay out the grid side.
2. Firm low-carbon power. Wind and solar will drive growth, but data-intensive regions will also require firm clean power, storage, and demand response to manage evening peaks and winter lulls. That mix differs by region. The strategic play is to secure power purchase agreements now, before the artificial intelligence wave tightens local markets. The International Energy Agency’s reports on electricity and artificial intelligence quantify the scale.
Water
1. Conservation, reuse and leakage control first. The cheapest and fastest “new water” is saved water. Urban systems typically lose 20 to 30 per cent of treated water due to leaks. Universal auditing, pressure management, and smart metering often outperform grand new supply schemes in terms of payback and resilience. The United Nations reports emphasise that municipal management choices drive prosperity outcomes.
2. Groundwater with governance. Groundwater provides roughly half of domestic water withdrawals and a quarter of irrigation water, but over-pumping is a common issue. Smart allocation and recharge, not just more wells, is what keeps aquifers bankable.
3. Desalination powered by renewables, where justified. In arid coastal regions, desalination is expected to grow. The key is to pair plants with low-carbon electricity and manage brine effectively to prevent the creation of new environmental problems. The World Bank and International Renewable Energy Agency highlight regional cooperation models in the Middle East and North Africa to pool resources and cut costs.
What Should Leaders Do Now?
1. Treat data as an asset with a cost of capital. Build a live inventory of your most valuable datasets, including the permissions attached to them, their associated privacy risks, and the compute and water intensities of the models that utilise them. Align this with forthcoming requirements under the European Union Artificial Intelligence Act if you touch European customers or partners.
2. Secure electricity like you would secure raw materials. Artificial intelligence projects should not start without a firm power procurement plan and location-specific water strategies. Where possible, co-site with access to abundant renewables and cooler climates, or fund upgrades that add capacity to constrained grids. The International Energy Agency’s numbers show the time pressure.
3. Invest upstream in minerals and downstream in efficiency. Lock in diversified supplies of copper, lithium and other essentials, but pair that with relentless efficiency in use. Thermal management, improved software scheduling, and higher server utilisation can significantly defer capital expenditures and water usage. The Uptime Institute’s findings and operator water plans provide practical benchmarks for effective management.
4. Make water accounting a board metric. If your growth depends on water-stressed basins, you need partnerships with communities and utilities, measured replenishment, and contingency plans for drought years. Investors will likely request it, and courts may even be compelled to enforce it. Recent rulings in water-stressed regions on data centre permits are a preview.
The Bottom Line
Data, energy and water have crossed the line from important to decisive. Their interplay is redefining competitive advantage and geopolitical leverage.
Leaders must inventory and govern their data as if it were money in the bank, secure firm, low-carbon power and water rights as if they were core raw materials, and build community partnerships as if their license to operate depended on them because it does.
Until next time, may you be that leader who treats these as the new gold.
Dion Le Roux
References
1. European Commission. “AI Act enters into force” (news release, 1 August 2024).
2. International Energy Agency. Electricity 2025 – Analysis (14 February 2025).
3. International Energy Agency. Energy and AI – Analysis (10 April 2025) and Energy demand from AI pages.
4. International Energy Agency. Global Critical Minerals Outlook 2025 (21 May 2025), including “Overview of outlook for key minerals” and Executive Summary.
5. Organisation for Economic Co-operation and Development. “Data governance” policy overview.
6. United Nations Conference on Trade and Development. Digital Economy Report 2024: Shaping an Environmentally Sustainable and Inclusive Digital Future (10 July 2024) and overview site.
7. United Nations, UNESCO on behalf of UN-Water. United Nations World Water Development Report 2024: Water for Prosperity and Peace (executive summary and statistics pages).
8. Uptime Institute. Global Data Centre Survey 2024 and 2024 Cooling Systems Survey.
9. United States Geological Survey. Mineral Commodity Summaries 2025 (copper and lithium chapters) and copper resources pages.
10. World Meteorological Organisation via Financial Times coverage: “Two-thirds of rivers suffered abnormal conditions in hottest year.”
11. World Resources Institute. Aqueduct Water Risk Atlas and Country Rankings.
12. World Bank. “Water Overview” and The Economics of Water Scarcity in the Middle East and North Africa: Institutional Solutions (overview booklet).
13. WMO–IRENA. Renewable Energy – 2022 in Review (23 November 2023).
14. Google. “2024 Google Water Stewardship Project Portfolio” and “Operating sustainably” pages.
15. Reuters. “Chile partially pulls Google data center permit, seeks tougher environmental checks” (27 February 2024).
16. Financial Times. “DR Congo to end cobalt export ban in favour of quotas” (22 September 2025).