47. ETS2, created in 2023, covers CO2 emissions from fuel use in buildings, road transport and small industry not included in the existing EU ETS. It operates upstream, requiring fuel suppliers to surrender allowances, with revenues funding climate action and social measures. Fully operational in 2027, ETS2 aims to cut emissions in these sectors by 42% by 2030 and support the EU’s 2050 climate neutrality goal. European Commission. (n.d.). ETS2: Buildings, road transport and additional sectors. Retrieved October 16, 2025, from https://climate.ec.europa.eu/eu-action/carbon-markets/ets2- buildings-road-transport-and-additional-sectors_en 48. Science Based Targets. https://sciencebasedtargets.org 49. Climate Group. (n.d.). RE100. Retrieved October 16, 2025, from https://www.there100.org 50. World Economic Forum. (n.d.). Alliance of CEO Climate Leaders. Retrieved October 16, 2025, from https://initiatives. weforum.org/alliance-of-ceo-climate-leaders/home; World Economic Forum. (2024, September 26). World’s leading CEO climate alliance slashes emissions by 10% while achieving 18% revenue growth in three years. https://www.weforum.org/ press/2024/09/world-s-leading-ceo-climate-alliance-slashes-emissions-by-10-while-achieving-18-revenue-growth-in- three-years/ 51. Standard Chartered. (2025, March 13). Standard Chartered scales finance for resilient infrastructure as economic cost of extreme weather hits over $2 trillion [Press release]. https://www.sc.com/en/press-release/standard-chartered-scales- finance-for-resilient-infrastructure-as-economic-cost-of-extreme-weather-hits-over-2-trillion/ 52. World Economic Forum. (n.d.). First Movers Coalition. Retrieved October 16, 2025, from https://initiatives.weforum.org/ first-movers-coalition/home 53. For more information and details, see: World Economic Forum. (2025, October 13). Green procurement playbook: The CPO’s guide to delivering value for business and planet. https://www.weforum.org/publications/green-procurement- playbook-the-cpo-s-guide-to-delivering-value-for-business-and-planet/ 54. Greenhouse Gas Protocol. (n.d.). Greenhouse Gas Protocol. Retrieved October 16, 2025, from https://ghgprotocol.org/ 55. For more information and details, see: World Economic Forum. (2024, December 12). Net-zero industry tracker 2024 https://www.weforum.org/publications/net-zero-industry-tracker-2024/ 56. For more information and details, see: World Economic Forum. (2025, January 21). Industries in the Intelligent Age white paper series. https://www.weforum.org/publications/industries-in-the-intelligent-age-white-paper-series/ 57. For more information and details, see: World Economic Forum. (2023, January 14). Circular transformation of industries: Unlocking new value in a resource-constrained world. https://www.weforum.org/publications/circular-transformation-of- industries-unlocking-new-value-in-a-resource-constrained-world/ 58. For more information and details, see: World Economic Forum. (2024, September 3). High-emitting sectors: Challenges and opportunities for low-carbon suppliers. https://www.weforum.org/publications/high-emitting-sectors-challenges-and- opportunities-for-low-carbon-suppliers/ 59. World Economic Forum. (n.d.) Alliance of CEO Climate Leaders. Retrieved October 16, 2025, from https://initiatives. weforum.org/alliance-of-ceo-climate-leaders/home 60. World Economic Forum. (2025, November 5). From risk to reward: Unlocking private capital for climate and growth. https://www.weforum.org/publications/from-risk-to-reward-unlocking-private-capital-for-climate-and-growth/ Climate and Competitiveness: Border Carbon Adjustments in Action 41

Climate and Competitiveness Border Carbon Adjustments in Action 2025