2030 operational target In operation FID reached Announced pipeline Pipeline gap¹Nov ‘25 Chemicals (ammonia) 6019 2 434 Chemicals (methanol & HVC2) 2455 15 167 58 Aviation 10028 17 208 Aluminium³ 16546 35 111 Cement 1001 28 70 1 Steel 907 15 58Commercial-scale clean industrial projects, pipeline tracker (# plants, November 2025) FIGURE 5 Notes: 1. Gap vs. 2030 target. 2. HVC = high-value chemicals, including olefins and aromatics. 3. Over half of operational plants are in the aluminium sector, most of which are legacy clean assets – facilities that were already relatively low-carbon before recent net-zero efforts. While this is positive for today’s emissions, it also means that part of the current clean asset base reflects historic advantages rather than new transition investment. Source: Mission Possible Partnership (MPP).20 Industrial clusters offer a powerful pathway to accelerate future transition Industrial clusters are geographic areas where co-located companies and public institutions collaborate around a common vision. Concentrating investment in clusters is a tried and tested approach for governments and industry leaders to accelerate growth and support early-stage market development. Governments have long used clustering as a tool for regional and economic development. Special economic zones (SEZs) are a prime example: by concentrating incentives, pre- permitted land and enabling infrastructure, SEZs in countries such as China have provided administrative “one-stop shops”, standardized rules and contracts, and targeted fiscal and regulatory incentives that reduce transaction costs and uncertainty and crowd in foreign direct investment (FDI). Within this context, the industrial cluster model is emerging as a powerful pathway to unlock financing and accelerate industrial transition. By aggregating demand, enabling shared infrastructure and streamlining processes through centralized governance, clusters create diversified, large-scale investment ecosystems that help de-risk first-of-a-kind (FOAK) projects and make low-carbon technologies more cost efficient and commercially viable. Unlocking the full potential of low-carbon industrial clusters depends on making projects bankable. Predictable regulation, strong governance and flexible sponsors are essential to de-risk complex investments and mobilize capital at scale. Clusters aggregate demand, share infrastructure and open new financing pathways, turning promising pipelines into real projects. Carlos Torres Vila, Chair, BBVA From Blueprint to Reality: A Stronger Business Case for Shared Energy Infrastructure 10

From Blueprint to Reality 2026