Quotes from electricity governors Anna Borg, Chief Executive Officer, Vattenfall: The energy transition is not just a technological challenge; it is a financial one. We must mobilize and channel investments and forge partnerships across regions and sectors. Many options are already available as outlined in this white paper, including Power Purchase Agreements (PPAs) that are a prime example of how industry can collaborate to drive progress, while governments play a crucial role in de-risking through guarantees and maintaining a policy predictability that investments into long-term assets require. Brian Dames, Chief Executive Officer, African Rainbow Energy and Power: Achieving the full potential of the developing world is a non-negotiable objective that must be realized in a way that embraces new, cleaner technologies and is driven by the massive investment of smarter grid infrastructure. Meeting this objective will only be possible by attracting greater levels of investment, addressing the risk premium normally associated with investment in developing countries, transferring new technologies and addressing the binding constraints of permitting and investing in new grid infrastructure. Marco Arcelli, Chief Executive Officer, ACWA Power: Over 80% of the new energy and water investments globally are needed in emerging markets. ACWA Power is already investing nearly $25 billion across Africa, Central Asia and Southeast Asia, delivering power and water at the most competitive costs. However, much more remains to be done. We urge multilateral development banks, long-term investors and philanthropists worldwide to join us in empowering emerging markets, where investments are most urgently needed to transform lives.Sumant Sinha, Chairman and Chief Executive Officer, ReNew: Mobilizing capital for the energy transition is the cornerstone of a sustainable future. For developing countries, an essential driver of mobilizing investments is decreasing the cost of capital. There are several mechanisms and structures across sectors and geographies that have helped reduce risk. These can be replicated in the clean energy sector and be applied across developing countries. This will not only help in mitigating climate change but also in promoting economic growth and energy security. Patti Poppe, Chief Executive Officer, PG&E Corporation: New electric load growth offers energy companies and our customers an exciting opportunity, one we’re seeing for the first time in decades. Along with key stakeholders, we must remain focused on three things: optimizing the electric grid with technology, fully utilizing existing infrastructure and investing to build what’s required for the future powered by clean energy. Done right, new load growth can help us reimagine the electric system for a decarbonized future, benefiting all customers by lowering the cost of energy. Andres Gluski, Chief Executive Officer, AES Corp: AES has a proven strategy for global renewable energy investments: long-term, dollar-denominated Power Purchase Agreements with investment-grade offtakers. Financing mechanisms, like those outlined in this report, are essential to mitigating risks and unlocking the capital needed to scale renewables across markets. Financing the Energy Transition: Meeting a Rapidly Evolving Electricity Demand 3

Financing the Energy Transition 2025