Fuelling the Future 2026

– Kim, J. & Mohommad, A. (2022). Jobs Impact of Green Energy. International Monetary Fund. https://www.imf.org/en/ Publications/WP/Issues/2022/05/27/Jobs-Impact-of-Green-Energy-518411. – International Energy Agency (IEA). (2020). Sustainable Recovery. https://www.iea.org/reports/sustainable-recovery. – United Nations Industrial Development Organization (UNIDO). (2015). Global Green Growth: Clean Energy Industrial Investments and Expanding Job Opportunities. https://www.unido.org/sites/default/files/2015-05/GLOBAL_GREEN_ GROWTH_REPORT_vol1_final_0.pdf. 9. International Energy Agency (IEA). (2025). Oil 2025: Analysis and forecast to 2030. https://www.iea.org/reports/oil-2025. 10. International Energy Agency (IEA). (2025). Delivering Sustainable Fuels: Pathways to 2035. https://www.iea.org/reports/ delivering-sustainable-fuels. 11. Assuming e-SAF = $5,500/tonne, bio-SAF = $2,000/tonne, including 10% profit margin for producers. Based on Bain & Company proprietary forecasts of fuel prices. 12. Based on Bain & Company analysis, using proprietary forecasts of fuel prices and fuel contribution to airline ticket costs from: – International Air Transport Association (IATA). (2024). Unveiling the biggest airline costs. https://www.iata.org/en/ publications/newsletters/iata-knowledge-hub/unveiling-the-biggest-airline-costs/ . – Air-France KLM Group. (2024). A Breakdown Of The Price Of An Airline Ticket. https://www.airfranceklm.com/sites/ default/files/2024-03/afklm_fiche_tarifs_en_hr.pdf. 13. Bain & Company analysis, using the following sources: – 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/. – Kim, J. & Mohommad, A. (2022). Jobs Impact of Green Energy. International Monetary Fund. https://www.imf.org/en/ Publications/WP/Issues/2022/05/27/Jobs-Impact-of-Green-Energy-518411. – International Energy Agency (IEA). (2020). Sustainable Recovery. https://www.iea.org/reports/sustainable-recovery. – United Nations Industrial Development Organization (UNIDO). (2015). Global Green Growth: Clean Energy Industrial Investments and Expanding Job Opportunities. https://www.unido.org/sites/default/files/2015-05/GLOBAL_GREEN_ GROWTH_REPORT_vol1_final_0.pdf. 14. Bain & Company analysis assuming average clean fuel carbon intensity of 30 gCO2e/MJ and average fossil fuel carbon intensity of 92 gCO2e/MJ. Adoption scenarios based on: – 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 . 15. International Energy Agency (2021). Net zero by 2050: A Roadmap for the Global Energy Sector. https://www.iea.org/ reports/net-zero-by-2050. 16. Waste valorization can be defined as follows: “any industrial process that involves the reuse, recycling, or composting of wastes, useful products or sources of energy (Kabongo, 2013). Examples of such activities include processing of residue, by-products or other unwanted outputs into raw materials, and re-use of waste in another product’s life cycle (Kabongo, 2013).” Source: Kanani, F. et al. Waste valorization technology options for the egg and broiler industries: A review and recommendations. Journal of Cleaner Production, Vol. 262, 121129. https://www.sciencedirect.com/science/article/abs/ pii/S0959652620311768. 17. IEA Bioenergy (2022). How bioenergy contributes to a sustainable future. https://www.ieabioenergyreview.org/wp- content/uploads/2022/12/IEA_BIOENERGY_REPORT.pdf. 18. International Energy Agency (IEA). (2025). World Energy Investment 2025. https://www.iea.org/reports/world-energy- investment-2025. 19. European Commission (n.d.). Renewable Energy Directive. https://energy.ec.europa.eu/topics/renewable-energy/ renewable-energy-directive-targets-and-rules/renewable-energy-directive_en. 20. S&P Global (2023). South Korea’s decarbonization plan with clean ammonia. https://commodityinsights.spglobal.com/ rs/325-KYL-599/images/South%20Korea%E2%80%99s%20decarbonization%20plan%20with%20clean%20ammonia.pdf. 21. Government Relations Japan (2024). Japan’s Hydrogen and Ammonia Policies. https://grjapan.com/sites/default/files/ content/articles/files/Japan%27s%20hydrogen%20and%20ammonia%20policy%20-%20overview%20and%20key%20 developments%20%28final%29_1.pdf Fuelling the Future: How Business, Finance and Policy can Accelerate the Clean Fuels Market 44