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22. International Energy Agency (IEA). (2025). Delivering Sustainable Fuels: Pathways to 2035. https://www.iea.org/reports/ delivering-sustainable-fuels. 23. International Energy Agency (IEA). (2025). IEA workshop on sustainable fuels highlights need for global ambition to support uptake. https://www.iea.org/news/iea-workshop-on-sustainable-fuels-highlights-need-for-global-ambition-to- support-uptake. 24. International Energy Agency (2025). Delivering Sustainable Fuels: Pathways to 2035. https://www.iea.org/reports/ delivering-sustainable-fuels. 25. California Air Resources Board (2025). Low Carbon Fuel Standard. https://ww2.arb.ca.gov/our-work/programs/low- carbon-fuel-standard. 26. Environmental Protection Agency, US Government (2025). Renewable Fuel Standard. https://www.epa.gov/renewable- fuel-standard. 27. European Commission (n.d.). ReFuelEU aviation. https://transport.ec.europa.eu/transport-modes/air/environment/ refueleu-aviation_en. 28. European Commission (n.d.). Decarbonising maritime transport – FuelEU Maritime. https://transport.ec.europa.eu/ transport-modes/maritime/decarbonising-maritime-transport-fueleu-maritime_en . 29. European Commission. (2025). Commission takes action for clean and competitive automotive sector. https://ec.europa. eu/commission/presscorner/detail/en/ip_25_3051. 30. Argus Media. (2025). IMO meeting fails to adopt GHG pricing. https://www.argusmedia.com/en/news-and-insights/ latest-market-news/2743677-imo-meeting-fails-to-adopt-ghg-pricing. 31. Bain & Company analysis assessing feasible clean fuel demand growth by sector based on current trajectory and published scenarios from: – 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) 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/. – Bain & Company INTERSECT current trajectory and accelerated decarbonisation scenarios. 32. International Energy Agency (IEA). (2025). Delivering Sustainable Fuels: Pathways to 2035. https://www.iea.org/reports/ delivering-sustainable-fuels. 33. COP30 Brasil Amazônia Belém 2025. (2025). COP30 Evening Summary – November 14. https://cop30.br/en/news- about-cop30/cop30-evening-summary-november-14. 34. Bain & Company analysis assessing feasible clean fuel demand growth by sector based on current trajectory and published scenarios from: – 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) 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/. – Bain & Company INTERSECT current trajectory and accelerated decarbonisation scenarios. 35. HVO is hydrotreated vegetable oil – a type of renewable diesel. It is produced from oils and fats using a process involving hydroprocessed esters and fatty acids (HEFA). 36. Commercial maturity based on technology readiness level of 9 and established supply chains; wide usage based on >250,000 barrels per day production globally. 37. World Bioenergy Association. (2024). Global Bioenergy Statistics Report 2024: Summary. https://www.worldbioenergy. org/uploads/241023%20GBS%20Report%20Short%20Version.pdf. 38. Bain & Company analysis, using: – Transport & Environment. (2024). UCO (Unknown Cooking Oil): High hopes on limited and suspicious materials. https://www.transportenvironment.org/articles/uco-unknown-cooking-oil-high-hopes-on-limited-and-suspicious- materials. – International Energy Agency (IEA). (2022). Renewables 2022. https://www.iea.org/reports/renewables-2022. 39. Bain & Company analysis, forecasting likely availability for biofuel production after subtracting demand from other applications and conversion losses. 40. World Economic Forum. (2024). White hydrogen: 5 critical questions answered. https://www.weforum.org/ stories/2024/08/white-hydrogen-5-critical-questions-answered/. 41. International Civil Aviation Organization. (2022). Report On The Feasibility Of A Long-Term Aspirational Goal (LTAG) For International Civil Aviation CO2 Emission Reductions: Appendix M5 Fuels Sub Group Report. https://www.icao.int/sites/ default/files/sp-files/environmental-protection/LTAG/Documents/ICAO_LTAG_Report_AppendixM5.pdf. Fuelling the Future: How Business, Finance and Policy can Accelerate the Clean Fuels Market 45