Since 2010, solar photovoltaics, wind power and batteries have seen soaring increases in capacity alongside plummeting costs Solar photovoltaics Wind power EV batteriesCapacity projections (GW1)Cost projections LCOE2 ($/KWh) ÷1.4 x9 2010 2020 2030 2010 2020 2030 2010 2020 2030÷1.9 x11 20202020 2021 20212019 2015 201920172017 201620102010 2002 201020142002 20212023 2023 2023 202320232023x84 2010 2020 2030 2010 2020 2030 2010 2020 2030 ÷2.6 Real installed capacity or cost curve Evolution of 2030 projection between oldest and 2023 forecasts x/÷ Renewable electricity capacity and generation (2024-2030) FIGURE 5 Renewable capacity is set to grow at ~10% annually in most regions, with renewable generation growing at 9% globally Renewable electricity capacity (TW, 2024A-2030)1Renewable electricity generation (TWh, 2024A-2030)1 2024 2030 2024 2030 Renewables as a % of total electricity generation Renewables as a % of total electricity capacity48% 32%43% 60% 4.9 TW 49%17%10%6%13% 9.5 TW 6% 16.2 TWhCAGR 2024-30 Rest of world +10% India +16% Latin America +6% North America Europe +9% China +15% Global +12% +7% CAGR 2024-30 Global +9% 14% 6% 9% 13% 17% 42%Rest of world +7% India +13% Latin America +4% North America +5% Europe +6% China +12% 34%19%16%12%4% 9.9 TWh15% 41%20%13%14% 5% 8% Notes: 1. International Energy Agency (IEA) main case scenario leveraged for 2030. Sources: IEA and BCG.24Solar, wind power and batteries – evolution of capacity and cost forecasts (2010-2030) FIGURE 4 Notes: Solar capacity includes utility-scale, commercial and residential; solar costs include utility-scale only. Wind capacity includes onshore and offshore; wind costs include offshore only. EV batteries are for BEV cars only. All numbers are global averages. 1. Installed power generation capacity corresponding to the maximum potential supply. 2. LCOE = levelized cost of electricity, corresponding to the average cost per unit of electricity generated over the lifetime of a plant, accounting for capital, operations, maintenance, fuel and financing costs. Sources: see endnote.23 Already a Multi-Trillion-Dollar Market: CEO Guide to Growth in the Green Economy 14

Already a Multi-Trillion-Dollar Market 2025