Already a Multi-Trillion-Dollar Market 2025

15. Sources: –International Energy Agency. (2025). World Energy Outlook 2025. https://iea.blob.core.windows.net/assets/0a7a40a4- 5dcb-4d6e-a7ad-76a1c90ec8eb/WorldEnergyOutlook2025.pdf. –International Energy Agency (IEA). (2025). Renewables 2025 Analysis and forecasts to 2030. https://www.iea.org/ reports/renewables-2025. –International Energy Agency (IEA). (2024). Renewables 2024 Analysis and forecast to 2030. https://iea.blob.core. windows.net/assets/17033b62-07a5-4144-8dd0-651cdb6caa24/Renewables2024.pdf. –International Energy Agency (IEA). (2023). Renewables 2023 Analysis and forecast to 2028. https://iea.blob.core. windows.net/assets/96d66a8b-d502-476b-ba94-54ffda84cf72/Renewables_2023.pdf. –International Energy Agency (IEA). (2022). World Energy Investment 2022. https://iea.blob.core.windows.net/assets/ b0beda65-8a1d-46ae-87a2-f95947ec2714/WorldEnergyInvestment2022.pdf. –International Energy Agency (IEA). (2021). Renewables 2021 Analysis and forecast to 2026. https://iea.blob.core. windows.net/assets/5ae32253-7409-4f9a-a91d-1493ffb9777a/Renewables2021-Analysisandforecastto2026.pdf. 16. Boston Consulting Group. (2025). The Energy Transition’s Next Chapter. https://web-assets.bcg.com/ f7/66/5d79c0a3446f85a5ab07c5d317a4/the-energy-transitions-next-chapter-sep-2025-r.pdf. 17. While this does not (yet) mean that transitioning to a fully renewable power system is economic, given increasing system integration costs with increasing volumes, it means that in most systems, there is a strong economic incentive to further scale up renewable technologies, which will result in strong future growth even in countries that do not actively support this. 18. The S-curve is a model that describes how new technologies are adopted over time, starting slowly, accelerating as they scale up and then levelling off as they mature. 19. EMBER. (2025). The first evidence of a take-off in solar in Africa. https://ember-energy.org/latest-insights/the-first- evidence-of-a-take-off-in-solar-in-africa/. 20. Sources: –International Energy Agency (IEA). (2025). Renewables 2025 Analysis and forecasts to 2030. https://www.iea.org/reports/renewables-2025. –Aurora Energy Research (July 2025). Central case. 21. Fraunhofer ISE. (2024). Levelized Cost of Electricity Renewable Energy Technologies. https://www.ise.fraunhofer.de/en/ publications/studies/cost-of-electricity.html. 22. Sources: –BCG analysis based on data from the International Energy Agency and Intergovernmental Panel on Climate Change. –Lena Höglund-Isaksson et al. (2021). The Role of Anthropogenic Methane Emissions In Bridging the Emissions Gap. https://www.researchgate.net/publication/356162120_The_role_of_anthropogenic_methane_emissions_in_bridging_ the_emissions_gap. –UN Environment Programme (UNEP). (2021). Emissions Gap Report 2021: The Heat Is On, pp.47-55. https://www.unep.org/resources/emissions-gap-report-2021. –Note: An earlier version of this analysis was published in 2023 (World Economic Forum and Boston Consulting Group. (2023). The State of Climate Action: Major Course Correction Needed from +1.5% to −7% Annual Emissions); it was revised in August 2025 for this report, based on updated competitiveness projections. 23. Sources: –For capacity and cost projections, the report leveraged: International Energy Agency (IEA). (2024). Renewables 2024 Analysis and forecast to 2030. https://iea.blob.core.windows.net/assets/17033b62-07a5-4144-8dd0-651cdb6caa24/ Renewables2024.pdf. –For historical capacity and cost baseline, the report leveraged: International Renewable Energy Agency (IRENA). (2025). Global Trends. https://www.irena.org/Data/View-data-by-topic/Costs/Global-Trends. –BloombergNEF Annual Battery Price Survey. –Boston Consulting Group analysis. 24. Sources: –International Energy Agency (IEA). (2025). Renewables 2025 Analysis and forecasts to 2030. https://www.iea.org/ reports/renewables-2025. –Boston Consulting Group analysis. 25. Sources and further notes: –International Energy Agency. (2025). World Energy Balances. https://www.iea.org/data-and-statistics/data-product/ world-energy-balances. –International Energy Agency. (2024). World Energy Outlook 2024. https://iea.blob.core.windows.net/assets/140a0470- 5b90-4922-a0e9-838b3ac6918c/WorldEnergyOutlook2024.pdf. –Boston Consulting Group, low-carbon hydrogen demand scenarios model (August 2025). Already a Multi-Trillion-Dollar Market: CEO Guide to Growth in the Green Economy 54