Financing the Energy Transition 2025

Endnotes 1 Bloomberg New Energy Finance. (2024). Energy Transition Investment Trends 2024. https://about.bnef.com/energy- transition-investment/. 2 International Energy Agency (IEA). (2023). Net Zero Roadmap: A Global Pathway to Keep the 1.5°C Goal in Reach. https://www.iea.org/reports/net-zero-roadmap-a-global-pathway-to-keep-the-15-0c-goal-in-reach. 3 Deloitte. (2024). Financing the Green Energy Transition. https://www.deloitte.com/au/en/issues/climate/financing-the- green-energy-transition.html. 4 International Energy Agency (IEA). (2024). World: Global energy system. https://www.iea.org/world. 5 International Energy Agency (IEA). (2024). China: Energy system of China. https://www.iea.org/countries/china. 6 Bloomberg New Energy Finance. (2024). Energy Transition Investment Trends 2024. https://about.bnef.com/energy- transition-investment/. 7 The “renewable energy penetration rate” is the percentage of electricity generated from a specific renewable resource relative to the total amount of electricity generated, or the amount consumed.  8 International Energy Agency (IEA). (2022). Southeast Asian nations face growing energy security challenges and need to accelerate their clean energy transitions. https://www.iea.org/news/southeast-asian-nations-face-growing-energy- security-challenges-and-need-to-accelerate-their-clean-energy-transitions. 9 International Energy Agency (IEA). (2024). Asia Pacific: Energy system of Asia Pacific. https://www.iea.org/regions/asia- pacific. 10 International Energy Agency (IEA). (2024). World Energy Investment 2024. https://www.iea.org/reports/world-energy- investment-2024. 11 Economist Intelligence Unit (EIU). (2024). Viewpoint on India. https://viewpoint.eiu.com/analysis/geography/XO/IN. 12 International Energy Agency (IEA). (2024). India: Energy supply. https://www.iea.org/countries/india/energy-mix. 13 International Energy Agency (IEA). (2024). World Energy Investment 2024. https://www.iea.org/reports/world-energy- investment-2024. 14 International Energy Agency (IEA). (2023). Cost of Capital Observatory. https://www.iea.org/reports/cost-of-capital- observatory. 15 Organisation for Economic Cooperation and Development (OECD). (2022). Clean Energy Finance and Investment Roadmap of India. https://www.oecd-ilibrary.org/environment/clean-energy-finance-and-investment-roadmap-of- india_21b6e411-en. 16 International Energy Agency (IEA). (2024). Middle East: Energy supply. https://www.iea.org/regions/middle-east/energy- mix. 17 International Energy Agency (IEA). (2024). World Energy Investment 2024. https://www.iea.org/reports/world-energy- investment-2024. 18 International Energy Agency (IEA). (2024). World Energy Investment 2024. https://www.iea.org/reports/world-energy- investment-2024. 19 Coffin, M. and Grant, A. (2021). Beyond Petrostates: The burning need to cut oil dependence in the energy transition. Carbon Tracker. https://carbontracker.org/reports/petrostates-energy-transition-report/. 20 Damodaran, A. (2022). Country Risk: Determinants, Measures and Implications - The 2022 Edition. New York University – Stern School of Business. https://doi.org/10.2139/ssrn.4161010. 21 International Energy Agency (IEA). (2024). Climate Pledges Explorer. https://www.iea.org/data-and-statistics/data-tools/ climate-pledges-explorer . 22 African Development Bank. (2019). North Africa Regional Overview. https://www.afdb.org/en/countries/north-africa/ north-africa-overview . 23 Bloomberg New Energy Finance. (2024). Energy Transition Investment Trends 2024. https://about.bnef.com/energy- transition-investment/. 24 S&P Global. (2024). Sustainability Insights Research: Sustainable Bond Issuance To Approach $1 Trillion in 2024. https:// www.spglobal.com/ratings/en/research/pdf-articles/240213-sustainability-insights-research-sustainable-bond-issuance- to-approach-1-trillion-in-2024-101593071. 25 International Energy Agency (IEA). (2024). World Energy Investment 2024. https://www.iea.org/reports/world-energy- investment-2024. 26 Calipel, C. et al. (2024), European Climate Investment Deficit Report: An Investment Pathway For Europe’s Future. Institute for Climate Economics (I4CE). https://www.i4ce.org/en/publication/european-climate-investment-deficit-report- investment-pathway-europe-future/. 27 European Commission. (2023). Commission sets out actions to accelerate the roll-out of electricity grids. https:// ec.europa.eu/commission/presscorner/detail/en/ip_23_6044. Financing the Energy Transition: Meeting a Rapidly Evolving Electricity Demand 29