Liquid and gaseous fuels are vital to the global economy, supplying 56% of global final energy use today1 (~250 exajoules, EJ)2,3 and attracting ~$1 trillion of investment each year.4 Global energy demand is expected to continue to rise, driven by growth in both economies and populations. While electrification is central to most energy scenarios, some transport and industrial energy demands cannot be substituted effectively with electricity. Additionally, clean fuels can help reduce emissions near-term, by using existing assets and established value chains that currently rely on unabated fossil fuels. Across most scenarios, liquid and gaseous fuels will remain a significant share of the world’s energy supply for decades (see Figure 1), with 2050 estimates ranging from 175-285 EJ (40-55% of total supply),5 equal to roughly four to five times current US demand.61.1 The role of clean fuels in energy’s future Clean fuels can help reduce emissions near- term, by using existing assets and established value chains that currently rely on unabated fossil fuels. Fuels will remain an important share of the energy mix under most transition scenarios FIGURE 1 Notes: 1. “Present-forward” scenarios are based on current policies and announced measures (partial or full realization), plus technology evolution 2. “Future-back” scenarios represent greater acceleration in decarbonization (including direct electrification and energy efficiency improvements), assuming full and timely delivery of pledges, with reinforcing momentum across policy, investment and technology. All scenarios include fossil and clean liquid and gaseous fuels. EJ = exajoules; one exajoule (EJ) is 1018 joules. STEPS = IEA’s stated policies scenario, APS = IEA’s announced pledges scenario, PES = IRENA’s planned energy scenario. Sources: International Energy Agency (IEA), International Renewable Energy Agency (IRENA), DNV, Shell, TotalEnergies, Bain & Company Intersect.7Present-forwar d scenarios1 Futur e-back scenarios2 IEA STEPS Bain Intersect (curr ent trajectory) IEA APS TotalEnergies Bain Intersect (accelerated decarb) DNV Shell IRENA PES 2030 2035 2040 2045 20500100200300 2024Final energy consumption of liquid and gaseous fuels acr oss energy scenarios (global, EJ/yr , 2024-2050)Exajoules (EJ)/year Fuelling the Future: How Business, Finance and Policy can Accelerate the Clean Fuels Market 7

Fuelling the Future 2026