Already a Multi-Trillion-Dollar Market 2025

–Boston Consulting Group, CCUS global deployment scenarios model (August 2025). –Boston Consulting Group, biofuels demand scenarios model (August 2025). –Note 1: “Low-carbon hydrogen” includes hydrogen production and hydrogen derivatives. H2 derivatives are normalized to H2 input required. –Note 2: “Biofuels” include liquid and gaseous biofuels, excluding solid biofuels. Liquid biofuels are converted from IEA estimations in EJ to Mtpa using an assumed lower heating value (LHV) of 32.5 MJ/kg. Gaseous biofuels are converted using a LHV of 50 MJ/kg. 26. Limited feedstock is a key barrier to scaling-up advanced biofuels. Current pathways such as hydrotreated esters and fatty acids (HEFA) rely on used cooking oil, animal fats or other waste lipids, which are scarce and can only cover a fraction of projected demand. Next-generation sources (e.g. residues, algae, synthetic fuels) remain immature and costly, creating structural scarcity risks and upward pressure on prices. 27. European Commission. (2025). Clean Industrial Deal. https://commission.europa.eu/topics/eu-competitiveness/clean- industrial-deal_en. 28. Sources: –European Commission. (2025). 2025 Annual Knowledge Sharing Report of the Innovation Fund – De-risking innovative low-carbon technologies. https://op.europa.eu/webpub/clima/innovation-fund-2025/en/. –Boston Consulting Group analysis. 29. Sources: –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). –Boston Consulting Group, CCUS global deployment scenarios model (August 2025). –Boston Consulting Group, biofuels demand scenarios model (August 2025). –Note 1: “Low-carbon hydrogen” includes hydrogen production and hydrogen derivatives. H2 derivatives are normalized to H2 input required. –Note 2: “Biofuels” include liquid and gaseous biofuels, excluding solid biofuels. Liquid biofuels are converted from IEA estimations in EJ to Mtpa using an assumed lower heating value (LHV) of 32.5 MJ/kg. Gaseous biofuels are converted using a LHV of 50 MJ/kg. 30. Sources: –Poynting, M. & McGrath, M. (2025). China makes landmark pledge to cut its climate emissions. BBC. https://www.bbc.com/news/articles/cj4y159190go. –Abnett, K. (2025). China’s new climate target ‘falls well short’, EU says. Reuters. https://www.reuters.com/ sustainability/cop/chinas-new-climate-target-falls-well-short-eu-says-2025-09-25/ . 31. Sources: –International Energy Agency. (2024). World Energy Investment 2024. https://iea.blob.core.windows.net/ assets/60fcd1dd-d112-469b-87de-20d39227df3d/WorldEnergyInvestment2024.pdf. –Boston Consulting Group analysis. 32. Sources: –International Energy Agency. (2024). World Energy Investment 2024. https://iea.blob.core.windows.net/ assets/60fcd1dd-d112-469b-87de-20d39227df3d/WorldEnergyInvestment2024.pdf. –Boston Consulting Group analysis. –Note: low-emissions fuels include modern bioenergy, low-emissions H2-based fuels and CCUS associated with fossil fuels. 33. International Energy Agency. (2024). Renewables 2024 Analysis and forecast to 2030. https://iea.blob.core.windows.net/ assets/17033b62-07a5-4144-8dd0-651cdb6caa24/Renewables2024.pdf. 34. Sources: –Our World in Data. (2020, updated 2024). Energy Mix. https://ourworldindata.org/energy-mix. –International Energy Agency. (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. (2025). Global Energy Review 2025. https://iea.blob.core.windows.net/assets/5b169aa1- bc88-4c96-b828-aaa50406ba80/GlobalEnergyReview2025.pdf. –Boston Consulting Group analysis. Already a Multi-Trillion-Dollar Market: CEO Guide to Growth in the Green Economy 55