Executive summary Unlocking the next stage of industrial transformation in energy ecosystems is critical for enhancing the competitiveness of domestic industries, protecting existing jobs and generating new employment opportunities in the growing clean technology sector. Realizing this potential will require innovative business models that mobilize capital at scale, direct resources efficiently and deliver projects that provide widespread commercial and societal value. The industrial cluster model, where co-located companies across multiple sectors and public institutions collaborate around low-carbon projects and shared solutions, offers a powerful pathway for transformation. This report highlights models for leading industrial clusters – chosen because they showcase successful low-carbon projects that have already reached final investment decision (FID) or are close to doing so. It also draws on additional research into a broader set of international clusters that are using innovative approaches to financing. It outlines how industrial clusters can advantageously position low-carbon projects through: Market and policy set-up: –Garnering institutional support, with governments increasingly providing targeted policies supporting transformation efforts within clusters. Technical development: –Sharing infrastructure such as pipelines or storage, lowering unit capital expenditure and maximizing asset utilization. –Centralizing project coordination which reduces duplication, streamlines processes and improves investor confidence. Market realization: –Aggregating demand and supply so proximity of projects leads to reliable, bankable market volumes and optimized infrastructure use. –Decreasing costs by enabling bulk procurement, construction efficiency and allowing “fast followers” to connect at lower risk, thus delivering economies of scale.Learning and development: –Promoting innovation and knowledge sharing, facilitating cross-organization research to accelerate the maturity of new technologies. Building on these lessons, the report identifies four drivers of success for financing shared energy infrastructure: For industry: 1. Establish a cluster administrator: Centralize coordination of permitting, project origination, financial management and stakeholder engagement under a trusted cluster administrator, ensuring efficient project delivery and governance. 2. Pool resources and future-proof infrastructure investment: Leverage joint procurement and co-investment in shared assets (e.g. pipelines, storage, grid connections) to optimize upfront costs and future-proof projects for changing markets and regulations. 3. Continue establishing strong offtake agreements: To guarantee commercial viability at the operational stage, structure durable contracts between suppliers and offtakers (e.g. take-or-pay agreements) to enhance revenue certainty, operational viability and lender confidence. For government: 4. Use public capital to deploy phase- appropriate financial instruments: Local and national governments could consider sequencing tools such as guarantees and revenue stabilization mechanisms across different stages. In cluster settings, these instruments may be able to de-risk shared infrastructure and a coordinated pipeline of projects, potentially making public support more efficient and scalable. Achieving industrial transition at scale will require innovative risk-sharing approaches and public- private partnerships. Industrial clusters offer a commercially competitive pathway to deliver this transformation and support a resilient, sustainable global economy.Industrial transformation in energy ecosystems is a powerful driver of competitiveness, innovation and job creation. From Blueprint to Reality: A Stronger Business Case for Shared Energy Infrastructure 4

From Blueprint to Reality 2026