Conclusion Decarbonization in hard-to-abate industries is advancing. But it is uneven – shaped as much by coordination and trust as by cost curves or mandates. Across high-emitting sectors and regions, the low- carbon supplier stands at the centre of industrial decarbonization’s most immediate realities. Their perspectives shared in this report have revealed that progress is not defined solely by technology maturity or emissions reduction ambitions, but by the strength of the networks that link them – policy durability, infrastructure readiness and access to finance. This report has aimed to highlight the views of industrial actors on the ground, leading the retrofit of refineries and smelters, spearheading fuel conversion or piloting new electrolyser technology. Through extensive supplier dialogue across the seven high-emitting sectors of the First Movers Coalition and First Suppliers Hub, one insight resounds – transition is advancing, but unevenly, shaped as much by coordination and trust as by cost curves or mandates. The sectoral deep-dives illustrate the specificity and nuance of each market. Yet, when viewed together, common patterns are clearly visible. Low-carbon product suppliers confront fragmented policies that can complicate long-term planning, infrastructure gaps that cap achievable volumes and financing structures that often remain misaligned with emerging risk profiles. These shared challenges also point to shared opportunities. Cross-sector collaboration, for example through multi-modal infrastructure nodes,134 standardized measurement and certification systems and blended finance mechanisms, may offer pragmatic routes to efficiency and scale. Such collaboration will not erase sectoral nuances, but it can compress learning curves and lower capital costs across the broader ecosystem. For many policy-makers, financiers and corporate buyers alike, the voice of the low-carbon supplier is not background noise but a diagnostic signal. It pinpoints the place where ambition meets challenge, where targeted coordination could unlock tangible progress. The next stage of the transition will largely depend on elevating that voice from consultation to co-design, embedding supplier experience into how markets, mandates and financing mechanisms are built. Turning Challenge into Opportunity: Supplier Voices from Heavy-Emitting Sectors 49

Turning Challenge into Opportunity 2025