Fuelling the Future 2026

Global average production cost ranges – mature clean fuels FIGURE 8 Biofuels (at-scale) Fossil alter native Weighted average (indicative) Biofuels (2030 COD)SAF (HEF A)0204060 Biodiesel (FAME)Renewable diesel (HEF A)Bioethanol (corn/sugar cane)BiomethaneFuel levelized pr oduction costs ($/GJ) Matur e clean fuels Global average production cost ranges – emerging clean fuels FIGURE 9 Notes for Figures 8 & 9: “At-scale” refers to forecasted levelized production costs47 at nth-of-a-kind plants. COD = commercial operation date. For full methodology, see Appendix. Sources: Forecasts are from Bain & Company analysis using feedstock price forecasts from Euromonitor and proprietary capex/opex data, supplemented by 2024 industry interviews.Biofuels (at-scale) Synthetic fuels & H2 derivatives (2030 COD) Synthetic fuels & H2 derivatives (at-scale) Biofuels (2030 COD) Fossil-based (at-scale) Fossil alter native Weighted average (indicative) Fossil-based (2030 COD)Fuel pr oduction costs ($/GJ) 050100150 E-SAF E-methanol E-methane E-ammonia Biomethanol Blue ammoniaSAF (AtJ/GFT) Emerging clean fuels Fuelling the Future: How Business, Finance and Policy can Accelerate the Clean Fuels Market 17