Fuelling the Future 2026
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Endnotes
1. “Global final energy use” means final energy consumption, defined as energy delivered to users before efficiency losses
in use.
2. International Energy Agency (IEA). (2024). World Energy Outlook 2024. https://www.iea.org/reports/world-energy-
outlook-2024.
3. International Energy Agency (IEA). (2025). Global Energy Review 2025. https://www.iea.org/reports/global-energy-
review-2025.
4. International Energy Agency (IEA). (2025). World Energy Investment 2025. https://www.iea.org/reports/world-energy-
investment-2025.
5. Bain & Company analysis, calculating ranges using datasets from the following sources:
– IRENA planned energy scenario (PES) in: International Renewable Energy Agency (IRENA). (2024). World Energy
Transitions Outlook 2024. https://www.irena.org/Publications/2024/Nov/World-Energy-Transitions-Outlook-2024.
– IEA stated policies scenario (STEPS) and announced pledges scenario (APS) in: International Energy Agency (IEA).
(2024). World Energy Outlook 2024. https://www.iea.org/reports/world-energy-outlook-2024.
– DNV. (2025). Global Energy Transition Outlook 2025. https://www.dnv.com/energy-transition-outlook/.
– Riahi, K. & Krey, V. (2023). Low Energy Demand study (LEF). International Institute for Applied Systems Analysis
(IIASA). https://iiasa.ac.at/models-tools-data/led.
– TotalEnergies. (2024). Energy Outlook 2024: TotalEnergies Sets Out Its Vision for Energy Transition by 2050.
https://totalenergies.com/news/news/energy-outlook-2024-totalenergies-sets-out-its-vision-energy-transition-2050 .
– Bain & Company INTERSECT current trajectory and accelerated decarbonisation scenarios.
6. Bain & Company analysis calculating US energy consumption from liquid and gaseous fuels, excluding use for the
electric power sector, using data from: Energy Information Administration (EIA), US Government. (2024). U.S. energy
consumption by source and sector, 2024. https://www.eia.gov/totalenergy/data/monthly/pdf/flow/total_energy_
spaghettichart_2024.pdf.
7. Bain & Company analysis using:
– IRENA planned energy scenario (PES) in: International Renewable Energy Agency (IRENA). (2024). World Energy
Transitions Outlook 2024. https://www.irena.org/Publications/2024/Nov/World-Energy-Transitions-Outlook-2024.
– IEA stated policies scenario (STEPS) and announced pledges scenario (APS) in: International Energy Agency (IEA).
(2024). World Energy Outlook 2024. https://www.iea.org/reports/world-energy-outlook-2024.
– DNV. (2025). Global Energy Transition Outlook 2025. https://www.dnv.com/energy-transition-outlook/.
– Riahi, K. & Krey, V. (2023). Low Energy Demand study (LEF). International Institute for Applied Systems Analysis
(IIASA). https://iiasa.ac.at/models-tools-data/led.
– TotalEnergies. (2024). Energy Outlook 2024: TotalEnergies Sets Out Its Vision for Energy Transition by 2050.
https://totalenergies.com/news/news/energy-outlook-2024-totalenergies-sets-out-its-vision-energy-transition-2050 .
– Bain & Company INTERSECT current trajectory and accelerated decarbonisation scenarios.
8. Bain & Company analyses using:
– IEA stated policies scenario (STEPS) and announced pledges scenario (APS) in: International Energy Agency (IEA).
(2024). World Energy Outlook 2024. https://www.iea.org/reports/world-energy-outlook-2024.
– DNV. (2025). Global Energy Transition Outlook 2025. https://www.dnv.com/energy-transition-outlook/.
– Riahi, K. & Krey, V. (2023). Low Energy Demand study (LEF). International Institute for Applied Systems Analysis
(IIASA). https://iiasa.ac.at/models-tools-data/led.
– TotalEnergies. (2024). Energy Outlook 2024: TotalEnergies Sets Out Its Vision for Energy Transition by 2050.
https://totalenergies.com/news/news/energy-outlook-2024-totalenergies-sets-out-its-vision-energy-transition-2050 .
– International Energy Agency (IEA). (2025). Delivering Sustainable Fuels: Pathways to 2035. https://www.iea.org/
reports/delivering-sustainable-fuels.
– National Renewable Energy Laboratory, US Department of Energy. (n.d.). JEDI: Jobs & Economic Development
Impact Models – JEDI Biofuels Models. https://www.nrel.gov/analysis/jedi/biofuels.
– Bansal, S. (2024). Green Job Potential: Roadmap to building a robust renewable energy workforce. RenewableWatch.
https://renewablewatch.in/2024/01/15/green-job-potential-roadmap-to-building-a-robust-renewable-energy-workforce.
– Bingham, C. (2024). Green jobs and maritime decarbonisation. Global Maritime Forum. https://globalmaritimeforum.
org/insight/green-jobs-and-maritime-decarbonisation/.
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