From Blueprint to Reality 2026

Endnotes 1. Sources: –International Energy Agency (IEA). (2024). World Energy Investment 2024, p.130. https://www.iea.org/reports/world- energy-investment-2024. –BloombergNEF. (2025). Energy Transition Investment Trends 2025. p.48. https://about.bnef.com/insights/finance/ energy-transition-investment-trends/ 2. World Economic Forum. (2025). Transitioning Industrial Clusters. https://initiatives.weforum.org/transitioning-industrial- clusters/home 3. International Energy Agency (IEA). (2025). Global Energy Review 2025. p.5. https://www.iea.org/reports/global-energy- review-2025. 4. Net Zero Tracker. (2025). Data Explorer. https://zerotracker.net/. 5. United Nations Environment Programme. (2025). Emissions Gap Report: Off Target. https://www.unep.org/resources/ emissions-gap-report-2025. 6. Climate Watch. (2025). NDC Tracker. https://www.climatewatchdata.org/ndc-tracker . 7. World Economic Forum. (2024). Net-Zero Industry Tracker: 2024 Edition. https://reports.weforum.org/docs/WEF_Net_ Zero_Industry_Tracker_2024.pdf. 8. World Economic Forum. (2024). Net-Zero Industry Tracker: 2024 Edition. https://reports.weforum.org/docs/WEF_Net_ Zero_Industry_Tracker_2024.pdf. 9. International Energy Agency (IEA). (2024). World Energy Investment 2024. https://www.iea.org/reports/world-energy- investment-2024. 10. International Energy Agency (IEA). (2024). World Energy Investment 2024. https://www.iea.org/reports/world-energy- investment-2024. 11. International Energy Agency (IEA). (2024). World Energy Investment 2024. https://www.iea.org/reports/world-energy- investment-2024. 12. International Energy Agency (IEA). (2023). Global Energy efficiency-related end-use investment in the Net Zero Scenario, 2019-2030. https://www.iea.org/data-and-statistics/charts/global-energy-efficiency-related-end-use-investment-in-the- net-zero-scenario-2019-2030. 13. International Energy Agency (IEA). (2023). Global Energy efficiency-related end-use investment in the Net Zero Scenario, 2019-2030. https://www.iea.org/data-and-statistics/charts/global-energy-efficiency-related-end-use-investment-in-the- net-zero-scenario-2019-2030. 14. IEA’s definition of “industry” includes aluminium, cement, chemicals, critical minerals, light industry, paper and steel. 15. BloombergNEF. (2025). Energy Transition Investment Trends 2025. p.48. https://about.bnef.com/insights/finance/energy- transition-investment-trends/. 16. The significant increase of clean steel investment in 2023 was also driven by the shifting of historical clean steel deals from previous years because of company disclosures on key project milestones and actual project costs. 17. International Energy Agency (IEA). (2024). World Energy Investment 2024, p. 130. https://www.iea.org/reports/world- energy-investment-2024. 18. BloombergNEF. (2025). Energy Transition Investment Trends 2025. p.48. https://about.bnef.com/insights/finance/energy- transition-investment-trends/. 19. Mission Possible Partnership. (2025, 19 June). New ‘industrial sunbelt’ set to overtake the world’s biggest economies in clean industry race [Press release]. https://www.missionpossiblepartnership.org/tracker-insights/jun-25/press-release. 20. Mission Possible Partnership. (2025). MPP Global Project Tracker: November 2025 release. https://tracker. missionpossiblepartnership.org/mpp-global-projects-map/. 21. European Commission. (2024). The future of European competitiveness, Part B: In-depth analysis and recommendations [known as “The Draghi Report”], p.114. https://commission.europa.eu/topics/eu-competitiveness/draghi-report_ en#paragraph_47059. 22. International Energy Agency (IEA). (2024). Advancing Clean Technology Manufacturing: An Energy Technology Perspectives Special Report, p.57. https://iea.blob.core.windows.net/assets/7e7f4b17-1bb2-48e4-8a92-fb9355b1d1bd/ CleanTechnologyManufacturingRoadmap.pdf. 23. National Development and Reform Commission. (2025). Administrative Measures for the Special Management of Investment in the Central Budget for Energy Saving and Carbon Reduction. https://www.ndrc.gov.cn/. 24. World Economic Forum. (2025). Unleashing the Full Potential of Industrial Clusters: Infrastructure Solutions for Clean Energies. https://reports.weforum.org/docs/WEF_Unleashing_the_Potential_of_Industrial_Clusters_2025.pdf. From Blueprint to Reality: A Stronger Business Case for Shared Energy Infrastructure 43