Foreword A global industrial transformation is underway. Energy consumption is rising, especially in emerging economies, while shifting geopolitics are, in many regions, pushing energy security and competitiveness up corporate and political agendas. The mix and supply of renewable energy are increasing, but this is still not enough to meet demand. Meanwhile, supply chains are being reconfigured and resources are becoming more constrained. As a consequence, the economies most likely to succeed are those that combine industrial efficiency, local value creation and innovation in cleaner production. Hard-to-abate sectors such as aluminium, cement, steel, chemicals, aviation, shipping and trucking are the backbone of growth, jobs and trade – and will remain so in any future economy. To stay competitive, these industries need to transition in ways that cut emissions while enhancing long-term value. Yet investment in this industrial transformation remains inadequate – at just $30-50 billion annually¹ – and many low-carbon projects struggle to reach financial close or become operational, leaving a persistent gap between targets and results. Closing this gap will take more than stand-alone projects; it requires systemic innovation in how industries, value chains, governments and financiers align and deliver together. This is where well-organized industrial clusters – the focus of the World Economic Forum’s Transitioning Industrial Clusters (TIC) initiative – come in. By aggregating demand and supply, sharing infrastructure and coordinating investment in a defined geography, clusters make industrial transformation more bankable and commercially attractive while safeguarding and creating jobs. Since its launch at COP26, the TIC initiative has grown into a global community of clusters with an estimated 877 million tonnes of CO2e abatement potential, contributing $508 billion to global GDP and supporting 4.6 million jobs.² One of the first TIC signatory clusters, HyNet North West in the United Kingdom, has reached final investment decision for its CO2 transport and storage system – a milestone that provides a reference point for financing shared energy infrastructure. Similar momentum is visible in port-anchored clusters such as Antwerp-Bruges and Rotterdam, and in low-carbon industrial hubs around the world. This report aims to capture and share some of these emerging success stories. It distils lessons on how to organize clusters, structure risk-sharing and finance shared infrastructure in ways that align policy and private investment. The intention is to offer a practical resource for policy-makers, financiers and industry leaders seeking to turn targets into competitive advantage and deliver industrial transformation that is both economically robust and environmentally sustainable.Matthew Blake Managing Director, World Economic ForumJohn Colas Partner; Vice-Chairman, Financial Services, Americas, Oliver Wyman Group (Marsh) Roberto Bocca Head, Centre for Energy and Materials; Member of the Executive Committee, World Economic Forum From Blueprint to Reality: A Stronger Business Case for Shared Energy Infrastructure January 2026 From Blueprint to Reality: A Stronger Business Case for Shared Energy Infrastructure 3

From Blueprint to Reality 2026