Foreword The global energy system is changing fast, driven by mounting energy security and climate risks, alongside accelerating innovation and investment in energy. Yet changes are uneven, and shifting geopolitics and economic pressures have reinforced the importance of reliable, affordable and clean energy as the basis for competitiveness and shared prosperity. Against this backdrop, clean fuels are a practical lever for many regions and sectors to adapt and create economic opportunities. Clean fuel markets are not new. In many countries, they already support industries and jobs, cut emissions, reduce reliance on fossil fuels and help protect household energy costs. However, ambitions to scale up further have raised important concerns around potential competition for scarce land and resources. The sector’s complex market dynamics make it essential to improve the understanding of where, and how, clean fuels can generate economic and societal value. At the same time, despite growing ambitions, too few projects reach final investment. Even where project economics are viable, market risks and capital intensity differ from traditional energy assets, making it tough to ramp up investments. Progress requires new forms of collaboration and innovation among farmers, traders, producers, financiers and end-users, supported by durable policies and firm demand signals. In response, the World Economic Forum, with the support of Bain & Company, has convened high- ambition businesses, financiers, policy-makers and civil society through the Future of Clean Fuels initiative to create better awareness around the market, its trade-offs and solutions that can scale it up in the right way. Encouragingly, our research finds that leaders who embrace partnerships and innovative ways to mitigate risk can realize financial returns. This report complements that work. It highlights the important role of expanding clean fuels in our future energy system and associated key market dynamics; and it offers solutions for business leaders and policy-makers to overcome barriers hindering credible projects from materializing. It builds on expert stakeholder consultations, as well as techno-economic analysis. We thank the members of the Future of Clean Fuels community for their insights and valuable contributions and look forward to advancing the clean fuels transition together.Roberto Bocca Head, Centre for Energy and Materials, World Economic ForumEspen Mehlum Head, Energy, Centre for Energy and Materials, World Economic Forum Fuelling the Future: How Business, Finance and Policy can Accelerate the Clean Fuels Market January 2026 Per Karlsson Partner, Bain & CompanyWren Kabir Partner, Bain & Company Fuelling the Future: How Business, Finance and Policy can Accelerate the Clean Fuels Market 3

Fuelling the Future 2026