2019 vs. 2023 demand by sector FIGURE 7 Year-over-year (YOY) change* 2019 202350 40 10 20 30 60 80 70 0 1,500 2,500 500 1,000 2,000 3,000 4,500 3,500 4,000 0Shipping (Trillion tonne miles)+4% +1% Trucking (Trillion tonne km)+23% +2%Aviation (Trillion RPK)-6% +37% Oil and gas (mboe/d)+4% +3%Primary chemicals (MT)+37% +2%Aluminium (MT)+14% +3%Cement (MT)-3% -2%Steel (MT)+1% +0.1% Notes: *YOY Change represents 2023 vs. 2022. Sources: IEA and IAI. Industry output The overall demand across the eight sectors in scope saw an average 9.2% increase in the 2019-2023 period. The rise in demand has been driven by the heavy industry sectors, which saw an average 10.6% increase, where all sectors except cement saw an increase. Primary chemicals and aluminium saw the highest growth across the heavy industry sectors. Cement saw a decline, mainly due to decreased production in China, which accounts for around half of global production, due to its real-estate crisis and COVID-19 pandemic- related policies. The heavy transport sectors saw an average 6.9% increase, mainly driven by the sharp rise in trucking demand, followed by shipping, while aviation demand saw a decline. More recently, from 2022 to 2023, the sectors in scope saw an average 5.8% increase. All sectors except cement saw an increase during this period. The rise in demand was mainly due to aviation, which saw a 36.9%26 increase recovering from the exceptional COVID-19 pandemic period drop, followed by oil and gas with a 2.9% increase.27 16 Net-Zero Industry Tracker: 2024 Edition

Net Zero Industry Tracker 2024