Scaling the Industrial Transition 2025

Endnotes 1. International Energy Agency (IEA). (2025). Global Energy Review 2025 – Electricity. https://www.iea.org/reports/global- energy-review-2025/electricity. 2. Ibid. 3. Heatmap. (2024). The IEA Isn’t Sweating Data Center Electricity Demand. https://heatmap.news/technology/iea-world- energy-outlook-2024. 4. International Energy Agency (IEA). (2025). Global Energy Review 2025 – Electricity. https://www.iea.org/reports/global- energy-review-2025/electricity. 5. International Energy Agency (IEA). (2025). World Energy Outlook 2025. https://iea.blob.core.windows.net/assets/ af5ac385-8fce-4cc7-8c73-107a3aade95e/WorldEnergyOutlook2025.pdf. 6. International Air Transport Association (IATA). (2024). Disappointingly slow growth in SAF production. https://www.iata.org/ en/pressroom/2024-releases/2024-12-10-03/. 7. European Commission. (2025). RefuelEU Aviation. https://transport.ec.europa.eu/transport-modes/air/environment/ refueleu-aviation_en. 8. International Energy Agency (IEA). (2025). Global energy investment set to rise to $3.3 trillion in 2025 amid economic uncertainty and energy-security concerns. https://www.iea.org/news/global-energy-investment-set-to-rise-to-3-3-trillion- in-2025-amid-economic-uncertainty-and-energy-security-concerns. 9. BloombergNEF. (2025). Global investment in the energy transition exceeded $2 trillion for the first time in 2024. https://about.bnef.com/insights/finance/global-investment-in-the-energy-transition-exceeded-2-trillion-for-the-first-time- in-2024-according-to-bloombergnef-report/. 10. International Energy Agency (IEA). (2025). Global Critical Minerals Outlook 2025 – Executive Summary. https://www.iea.org/reports/global-critical-minerals-outlook-2025/executive-summary. 11. International Energy Agency (IEA). (2025). Global EV Outlook 2025 – Electric vehicle batteries. https://www.iea.org/reports/ global-ev-outlook-2025/electric-vehicle-batteries. 12. Mining Technology. (2025). China currently controls over 69% of global rare earth production. https://www.mining- technology.com/analyst-comment/china-global-rare-earth-production/. 13. International Renewable Energy Agency. (2024). Decarbonising hard-to-abate sectors with renewables: Enablers and recommendations. https://www.irena.org/Decarbonising-hard-to-abate-sectors-with-renewables-Enablers-and- recommendations/Decarbonising-hard-to-abate-sectors-with-renewables/Introduction. 14. CargoRX. (2025). Electric trucks hit the tipping point — is 2025 the year? https://www.cargorx.com/blog/electric-trucks- hit-the-tipping-point-is-2025-the-year . 15. Organisation for Economic Co-operation and Development and World Bank. (2024). Leveraging de-risking instruments and international co-ordination to catalyse investment in clean hydrogen. https://www.oecd.org/en/publications/leveraging- de-risking-instruments-and-international-co-ordination-to-catalyse-investment-in-clean-hydrogen_9a377303-en.html. 16. International Energy Agency (IEA). (2025). Global Energy Review 2025 – Electricity. https://www.iea.org/reports/global- energy-review-2025/electricity. 17. U.S. Internal Revenue Service. (2025). FAQs for modification of sections 25C, 25D, 25E, 30C, 30D, 45L, 45W, and 179D under Public Law 119-21, 139 Stat. 72 (July 4, 2025). https://www.irs.gov/newsroom/faqs-for-modification-of-sections- 25c-25d-25e-30c-30d-45l-45w-and-179d-under-public-law-119-21-139-stat-72-july-4-2025-commonly-known-as-the- one-big-beautiful-bill-obbb. 18. International Energy Forum. (2025). Higher interest rates pose a challenge to financing renewables. https://www.ief.org/news/higher-interest-rates-pose-a-challenge-to-financing-renewables. 19. International Energy Agency (IEA). (2025). Global Hydrogen Review 2025 – Production prospects to 2030. https://www.iea.org/reports/global-hydrogen-review-2025/production-prospects-to-2030-2. 20. IPA Global. (2025). Low-carbon projects: What have we learned from the first wave? https://www.ipaglobal.com/news/ article/low-carbon-projects-what-have-we-learned-from-the-first-wave/. 21. Accenture. (2025). Destination Net-Zero 2025. https://www.accenture.com/content/dam/accenture/final/accenture-com/ document-3/Accenture-Destination-Net-Zero-Final-Report.pdf. 22. International Energy Agency (IEA). (2025). Executive summary. In World Energy Investment 2025. https://www.iea.org/ reports/world-energy-investment-2025/executive-summary. 23. World Economic Forum. (2025). Fostering Effective Energy Transition 2025. https://www.weforum.org/publications/ fostering-effective-energy-transition-2025/. 24. International Energy Agency (IEA). (2025). World Energy Investment 2025. https://www.iea.org/reports/world-energy- investment-2025/executive-summary. 25. International Energy Agency (IEA). (2025). The Path to a New Era for Nuclear Energy. https://iea.blob.core.windows.net/ assets/b6a6fc8c-c62e-411d-a15c-bf211ccc06f3/ThePathtoaNewEraforNuclearEnergy.pdf. Scaling the Industrial Transition: Hard-to-Abate Sectors and Net-Zero Progress in 2025 29