Turning Challenge into Opportunity 2025

Endnotes 1 World Economic Forum. (2024). Net Zero Industry Tracker 2024: Aviation. https://www.weforum.org/publications/net- zero-industry-tracker-2024/aviation-sector-net-zero-tracker-2024/. 2 International Energy Agency (IEA). (2024). Aviation. https://www.iea.org/energy-system/transport/aviation. 3 Argus Media. (2025). Infinium takes FID on 100MW Texas e-fuels plant. https://www.argusmedia.com/en/news- and- insights/latest-market-news/2690011-infinium-takes-fid-on-100mw-texas-e-fuels-plant . 4 ChemXplore. (2025). BP halts Rotterdam SAF project amid strategic shift. https://chemxplore.com/news/bp-halts- rotterdam-saf-project-amid-strategic-shift. 5 World Economic Forum. (2025). Financing Sustainable Aviation Fuels: Case Studies and Implications for Investment . https://www.weforum.org/publications/financing-sustainable-aviation-fuels-case-studies- and-implications-for- investment/. 6 International Air Transport Association (IATA). (2025, 23 September). IATA Study Confirms that SAF Technology Rollout is Main Bottleneck to Net Zero, not Feedstock Availability [Press release]. https://www.iata.org/en/pressroom/2025- releases/2025-09-23-01/. 7 Energy Institute. (2025). EI 1533: Quality assurance requirements for semi-synthetic jet fuel and synthetic blending components (SBC). https://www.energyinst.org/technical/publications/sectors/aviation/ei-1533-quality-assurance- requirements-for-semi-synthetic-jet-fuel-and-synthetic-blending-components-sbc. 8 International Air Transport Association (IATA). (2025). Brief: Access to fuel infrastructure to enable aviation’s decarbonization. https://www.iata.org/contentassets/d13875e9ed784f75bac90f000760e998/brief-access-to-fuel- infrastructure-to-enable-aviation.pdf. 9 International Air Transport Association (IATA). (2025). Brief: Access to Fuel Infrastructure as an Enabler for Aviation’s Decarbonization. https://www.iata.org/en/programs/sustainability/reports/access-to-fuel-infrastructure-report/. 10 Biofuels International. (2025). BP leads SAF breakthrough. https://biofuels-news.com/news/bp-leads-saf-breakthrough- 2/?v=f. 11 Air Cargo Week. (2024). Scaling sustainable aviation fuel. https://aircargoweek.com/scaling-sustainable-aviation-fuel/. 12 RMI. (2022). Sustainable Aviation Fuel Certificate (SAFc) Registry Guide, p.4. https://rmi.org/wp-content/ uploads/2022/12/safc_registry_guide_saba.pdf. 13 International Civil Aviation Organization (ICAO). (2025). CORSIA Eligible Fuels. https://www.icao.int/corsia-eligible-fuels. 14 International Air Transport Association (IATA). (2025). Brief: Access to fuel infrastructure to enable aviation’s decarbonization, p.1. https://www.iata.org/contentassets/d13875e9ed784f75bac90f000760e998/brief-access-to-fuel- infrastructure-to-enable-aviation.pdf. 15 International Air Transport Association (IATA). (2025). Brief: Access to Fuel Infrastructure as an Enabler for Aviation’s Decarbonization. https://www.iata.org/en/programs/sustainability/reports/access-to-fuel-infrastructure-report/. 16 Parolini, G. (2025). Challenges in scaling SAF and its infrastructure, p.18. World Economic Forum. https://biofuelsalliance. com/assets/img/SAF/WEF.pdf. 17 World Economic Forum. (2024). Net-Zero Industry Tracker 2024: Shipping. https://www.weforum.org/publications/net- zero-industry-tracker-2024/shipping-sector-net-zero-tracker-2024/. 18 ZEMBA. (2024). Zero Emission Marine Freight Procurement Platform. https://www.shipzemba.org/. 19 Take-or-pay provides a guaranteed revenue floor by obligating volume or payment. Indexation links price to external benchmarks (e.g. electricity, gas, carbon), adjusting via a formula with caps/floors to balance cost risk over 10-15 years. 20 Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping. (2025). Unlocking offtake: insights from the maritime value chain for securing low-emissions hydrogen-based fuel supply. https://www.zerocarbonshipping.com/news/unlocking- offtake-insights-from-the-maritime-value-chain. 21 Global Maritime Forum. (2024). Aggregating demand for zero-emission shipping fuels: Pathways for action. https:// globalmaritimeforum.org/insight/aggregating-demand-for-zero-emission-shipping-fuels-pathways-for-action/. 22 Reuters. (2024). Maersk to buy bio-methanol shipping fuel from China’s LONGi. https://www.reuters.com/markets/ commodities/maersk-buy-bio-methanol-shipping-fuel-chinas-longi-2024-10-30/. 23 International Carbon Action Partnership (ICAP). (2024). EU extends its ETS to the maritime sector. https:// icapcarbonaction.com/en/news/eu-extends-its-ets-maritime-sector . 24 Maersk. (2024). Navigating the EU ETS and Fuel EU Maritime Regulations: What you need to know for 2025. https:// www.maersk.com/insights/sustainability/2024/10/10/what-you-need-to-know-for-2025. 25 International Maritime Organization (IMO). (2025). IMO approves net-zero regulations for global shipping. https://www. imo.org/en/mediacentre/pressbriefings/pages/imo-approves-netzero-regulations.aspx. 26 DNV. (2025). IMO Net-Zero Framework. https://www.dnv.com/maritime/insights/topics/net-zero-framework/. Turning Challenge into Opportunity: Supplier Voices from Heavy-Emitting Sectors 73