targeted for SMEs), a focus on key sectors (i.e., buildings, industry, transport), access to relevant energy performance data and benchmarks by sector, and a dedicated and resourced entity with energy efficiency requirements. Governments are encouraged to align country standards with relevant international standards and include demand considerations in related policy areas (e.g., grid, energy market planning, artificial intelligence). Promote electrification across all sectors and ensure energy security through creating a framework in grid strengthening, market design and pricing mechanisms At a regional level, governments should develop policies and frameworks that incentivize local collaboration between actors to gain system efficiencies and support development of localized flexible energy communities. The green transition, alongside more efficient production, requires new talent. Governments can play a vital role by providing incentives for green skills training and creating centralized databases and platforms for up-to-date information on labour market information. Prioritize market-based and technology-neutral approaches: Prioritize policy approaches that support a market-driven and technology-neutral transformation that enables cost effective approaches, unlocks needed investments and increases speed of scaling. For example, better and more aligned standards for GHG accounting and setting out broad objectives at a sector or product level (e.g., energy or carbon intensity) will stimulate business action and innovation to meet these objectives. 2. Mobilize public and private finance Work together with the private sector, particularly financial institutions, to increase access to financing appropriate for energy efficiency-related investments (e.g., energy performance contracts). For public finance, governments may examine including consideration for energy efficiency public sector interventions in the various climate-related financing packages, particularly those aimed at EMDEs. For private finance, provide positive incentives for energy efficiency-related projects, particularly for SMEs.3. Boost industry energy productivity Introduce minimum energy performance standards across industries. Invest in digital technologies linking grids to industry to enable energy and cost-saving opportunities and ensure efficiency of energy use. Governments can also support cross-sectoral approaches to improve energy efficiency through sharing of infrastructure, district energy approaches as well as industrial clusters. Support electrification of industrial processes/equipment such as motors and heat sources for low heat processes. 4. Enhance energy efficiency in the built environment Facilitate the availability of high-quality key data sets such as Energy Performance Certificates and appliance energy efficiency, as well as strengthen standards and labelling. Governments can also introduce or strengthen building standards aligned with leading international industry standards and provide support for retrofitting interventions, electrification and waste heat recovery. Support efforts towards digitalization of building management systems flexibility of the energy system in the built environment. 5. Support fuel-efficient transport Support standards and incentives for more energy- efficient transport vehicles, including investments in shared infrastructure and alternative fuels. We affirm our intention to work closely together with governments to act quickly and decisively in order to enable further private sector action and investment in energy efficiency and transforming energy demand. We look forward to making further progress by COP30 to take stock of advances made, and to further the momentum towards the doubling of energy efficiency by 2030 goals. For more details on policy recommendations for each of these building blocks, please see the policy brief: Accelerating Business Action through Government Leadership International Business Council of the World Economic Forum The International Business Council comprises companies from across sectors and regions and its members represent 3% of global energy demand.

IBC Transforming Energy Demand Initiative AM25 Report