1. World Economic Forum, Fostering Effective Energy Transition, 2023, https://www3.weforum.org/docs/WEF_Fostering_Effective_Energy_Transition_2023.pdf.

2. International Energy Agency (IEA), Aviation, https://www.iea.org/energy-system/transport/aviation#tracking.

3. Accenture analysis based on Accenture carbon calculator

4. International Civil Aviation Organisation (ICAO), Methodology for Actual Life Cycle Emissions, June 2022, https://www.icao.int/environmental-protection/CORSIA/Documents/CORSIA_Eligible_Fuels/ICAO%20document%2007%20-%20Methodology%20for%20Actual%20Life%20Cycle%20Emissions%20-%20June%202022.pdf.

5. Aviation Benefits, Waypoint 2050, September 2021, https://aviationbenefits.org/media/167417/w2050_v2021_27sept_full.pdf.

6. Mission Possible Partnership (MPP), Making Net-Zero Aviation Possible, October 2021, https://missionpossiblepartnership.org/wp-content/uploads/2023/01/Making-Net-Zero-Aviation-possible.pdf.

7. International Air Transport Association (IATA), Energy and New Fuels Infrastructure Net-Zero Roadmap, May 2023, https://www.iata.org/contentassets/8d19e716636a47c184e7221c77563c93/energy-and-new-fuels-infrastructure-net-zero-roadmap.pdf.

8. Accenture analysis based on Accenture carbon calculator.

9. MPP, Making Net-Zero Aviation Possible, October 2021, https://missionpossiblepartnership.org/wp-content/uploads/2023/01/Making-Net-Zero-Aviation-possible.pdf.

10. Transition Pathway Initiative, Management Quality: Airlines, https://www.transitionpathwayinitiative.org/sectors/airlines.

11. Accenture analysis based on: IATA, Net Zero Roadmap, https://www.iata.org/contentassets/8d19e716636a47c184e7221c77563c93/finance-net-zero-roadmap.pdf.

12. Accenture analysis based on S&P Capital IQ Data and Stern NYU Data.

13. MPP, Making Net-Zero Aviation Possible, October 2021, https://missionpossiblepartnership.org/wp-content/uploads/2023/01/Making-Net-Zero-Aviation-possible.pdf.

14. Ibid.

15. International Council on Clean Transport (ICCT), Vision 2050 - Aligning Aviation With The Paris Agreement, June 2022,https://theicct.org/wp-content/uploads/2022/06/Aviation-2050-Report-A4-v6.pdf.

16. ICAO, Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA), July 2023, https://www.icao.int/environmental-protection/CORSIA/Pages/default.aspx.

17. MPP, Making Net-Zero Aviation Possible, October 2021, https://missionpossiblepartnership.org/wp-content/uploads/2023/01/Making-Net-Zero-Aviation-possible.pdf.

18. Ibid.

19. Ibid.

20. Ibid.

21. Ibid.

22. Ibid.

23. Ibid.

24. Ibid.

25. Ibid.

26. Ibid.

27. Ibid.

28. Euronews, All-Electric Aircraft “Alice” Makes its First Test Flight in a Milestone for Zero Carbon Aviation, 30 September 2022, https://www.euronews.com/next/2022/09/30/all-electric-aircraft-alice-makes-its-first-test-flight-in-a-milestone-for-zero-carbon-avi.

29. MPP, Making Net-Zero Aviation Possible, October 2021, https://missionpossiblepartnership.org/wp-content/uploads/2023/01/Making-Net-Zero-Aviation-possible.pdf.

30. Ibid.

31. IATA, Energy and New Fuels Infrastructure Net-Zero Roadmap, May 2023, https://www.iata.org/contentassets/8d19e716636a47c184e7221c77563c93/energy-and-new-fuels-infrastructure-net-zero-roadmap.pdf.

32. Ibid.

33. Ibid.

34.Airbus, Airbus Teams Up to Advance Green Hydrogen Availability at Airports, November 2022, https://www.airbus.com/sites/g/files/jlcbta136/files/2022-11/EN_Press%20Release_Airbus_teams%20up%20to%20advance%20green%20hydrogen%20airport.pdf.

35. Travel and Leisure, Airfare Dollars Breakdown, 29 November 2022, https://www.travelandleisure.com/airlines-airports/airfare-dollars-breakdown.

36. Accenture analysis based on Accenture carbon calculator.

37. Aviation Benefits, Waypoint 2050, September 2021, https://aviationbenefits.org/media/167417/w2050_v2021_27sept_full.pdf.

38. MPP, Making Net-Zero Aviation Possible, October 2021, https://missionpossiblepartnership.org/wp-content/uploads/2023/01/Making-Net-Zero-Aviation-possible.pdf.

39. Accenture, Fly SAF(E), November 2022, https://www.accenture.com/ch-en/blogs/travel/fly-safe.

40. ICAO, Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA), July 2023, https://www.icao.int/environmental-protection/CORSIA/Pages/default.aspx.

41. Boeing, SAF Dashboard, IATA, SAF Deployment Policy, 2023, https://www.iata.org/contentassets/d13875e9ed784f75bac90f000760e998/saf-policy-2023.pdf.

42. IATA, Policy Net-Zero Roadmap, 2023, https://www.iata.org/contentassets/8d19e716636a47c184e7221c77563c93/policy-net-zero-roadmap.pdf.

43. IATA, SAF Deployment Policy, 2023, https://www.iata.org/contentassets/d13875e9ed784f75bac90f000760e998/saf-policy-2023.pdf.

44. International Civil Aviation Organization (ICAO), CORSIA Eligible Fuels – Life Cycle Assessment Methodology, June 2019,https://www.icao.int/environmental-protection/CORSIA/Documents/CORSIA%20Supporting%20Document_CORSIA%20Eligible%20Fuels_LCA%20Methodology.pdf#page=12.

45. Shell Global, Accenture and Amex GBT Launch One of the World’s First Blockchain-Powered Digital Book-and-Claim Solutions for Scaling Sustainable Aviation Fuel (SAF), 20 June 2022, https://www.shell.com/business-customers/aviation/news-and-media-releases/news-and-media-2022/shell-accenture-and-amex-gbt-launch-one-of-the-worlds-first-blockchain-powered-digital-book-and-claim-solutions-for-scaling-sustainable-aviation-fuel-saf.html.

46. IATA, Policy Net-Zero Roadmap, 2023, https://www.iata.org/contentassets/8d19e716636a47c184e7221c77563c93/policy-net-zero-roadmap.pdf.

47. European Commission, EU Emissions Trading System (EU ETS), https://climate.ec.europa.eu/eu-action/eu-emissionstrading-trading-system-eu-ets_en.

48. ICAO, Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA), July 2023, https://www.icao.int/environmental-protection/CORSIA/Pages/default.aspx.

49. Aviation Benefits, CORSIA explained, https://aviationbenefits.org/environmental-efficiency/climate-action/offsetting-emissions-corsia/corsia/corsia-explained/.

50. European Commission, European Green Deal: New Law Agreed to Cut Aviation Emissions by Promoting Sustainable Aviation Fuels, 26 April 2023, https://ec.europa.eu/commission/presscorner/detail/en/ip_23_2389.

51. European Council, Infographic: Fit for 55: How the EU Plans to Revise Energy Taxation, https://www.consilium.europa.eu/en/infographics/fit-for-55-energy-taxation/.

52. U.S. Department of Energy, Alternative Fuels Data Center: Biodiesel Production and Blending Tax Credit, 22 August 2007, https://afdc.energy.gov/laws/5831.

53. NBAA, What Will the SAF Blenders Credit Mean for Operators?, January/February 2023, https://nbaa.org/news/businessaviation-insider/2023-jan-feb/will-saf-blenders-credit-mean-operators/.

54. European Council, Alternative Fuels Infrastructure, https://www.consilium.europa.eu/en/press/press-releases/2023/07/25/alternative-fuels-infrastructure-council-adopts-new-law-for-more-recharging-and-refuelling-stations-across-europe.

55. U.S. Energy Communities, Clean Fuel Production Credit, https://energycommunities.gov/funding-opportunity/clean-fuelproduction-credit-26-u-s-code-%C2%A4-45z/.

56. Department of Transport, Pathway to Net Zero Aviation: Developing the UK Sustainable Aviation Fuel Mandate, March 2023, https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1147350/pathway-to-net-zero-aviation-developing-the-uk-sustainable-aviation-fuel-mandate.pdf.

57. Center for Strategic and International Studies (CSIS), How the 45V Tax Credit Definition Could Make or Break the Clean Hydrogen Economy, 22 May 2023, https://www.csis.org/analysis/how-45v-tax-credit-definition-could-make-or-break-clean-hydrogen-economy.

58. California Air Resources Board, Low Carbon Fuel Standard, https://ww2.arb.ca.gov/our-work/programs/low-carbon-fuel-standard.

59. European Union Aviation Safety Agency (EASA), Fit for 55 and ReFuelEU Aviation, https://www.easa.europa.eu/en/light/topics/fit-55-and-refueleu-aviation.

60. European Union, Clean Aviation Joint Undertaking, https://european-union.europa.eu/institutions-law-budget/institutions-and-bodies/search-all-eu-institutions-and-bodies/clean-aviation-joint-undertaking_en.

61. Office of Energy Efficiency & Renewable Energy, Sustainable Aviation Fuel Grand Challenge, https://www.energy.gov/eere/bioenergy/sustainable-aviation-fuel-grand-challenge.

62. Kirstie Pickering, Airport Industry Review, What’s Inside Biden’s New SAF Grand Challenge Roadmap?, https://airport.nridigital.com/air_oct22/biden_us_saf_grand_roadmap.

63. Accenture analysis based on: IATA, Net Zero Roadmap, https://www.iata.org/contentassets/8d19e716636a47c184e7221c77563c93/finance-net-zero-roadmap.pdf.

64. Accenture analysis based on S&P Capital IQ Data.

65. Stern NYU, WACC Data: Cost of Equity and Capital, January 2023, https://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/wacc.html.

66. Accenture analysis based on: IATA, Net Zero Roadmap, https://www.iata.org/contentassets/8d19e716636a47c184e7221c77563c93/finance-net-zero-roadmap.pdf.

67. Transition Pathway Initiative, Management Quality: Airlines, https://www.transitionpathwayinitiative.org/sectors/airlines.

68. Accenture analysis based on: IEA, International Shipping, https://www.iea.org/energy-system/transport/international-shipping.

69. Accenture analysis based on: International Maritime Organization (IMO), Marine Environment Protection Committee, Energy Efficiency of Ships, 10 September 2022, https://wwwcdn.imo.org/localresources/en/OurWork/Environment/Documents/Air%20pollution/MEPC%2079-6-1%20-%20Report%20of%20fuel%20oil%20consumption%20data%20submitted%20to%20the%20IMO%20Ship%20Fuel%20Oil%20ConsumptionDatabase...%20(Secretariat).pdf.

70. IMO, Fourth Greenhouse Gas Study 2020, https://www.imo.org/en/ourwork/Environment/Pages/Fourth-IMOGreenhouse-Gas-Study-2020.aspx.

71. Accenture analysis based on: United Nations Conference on Trade and Development, Review of Maritime Transport 2022, https://unctad.org/rmt2022.

72. International Renewable Energy Agency (IRENA), Decarbonizing Shipping 2021, https://www.irena.org/-/media/Files/IRENA/Agency/Publication/2021/Oct/IRENA_Decarbonising_Shipping_2021.pdf.

73. Accenture analysis based on: DNV GL, Comparison of Alternative Marine Fuels, 5 July 2019, https://safety4sea.com/wp-content/uploads/2019/09/SEA-LNG-DNV-GL-Comparison-of-Alternative-Marine-Fuels-2019_09.pdf.

74. IMO, Revised GHG Reduction Strategy for Global Shipping Adopted, 7 July 2023, https://www.imo.org/en/MediaCentre/PressBriefings/pages/Revised-GHG-reduction-strategy-for-global-shipping-adopted-.aspx.

75. Accenture analysis based on: Transition Pathway Initiative, Shipping, https://www.transitionpathwayinitiative.org/sectors/shipping.

76. Accenture analysis based on: Safety4sea, Potential of Ammonia as Fuel in Shipping, 26 September 2023, https://safety4sea.com/wp-content/uploads/2019/09/SEA-LNG-DNV-GL-Comparison-of-Alternative-Marine-Fuels-2019_09.pdf.

77. Accenture analysis based on S&P Capital IQ Pro data.

78. Accenture analysis.

79. International Maritime Organization (IMO), Fourth Greenhouse Gas Study 2020, https://www.imo.org/en/ourwork/Environment/Pages/Fourth-IMO-Greenhouse-Gas-Study-2020.aspx.

80. IMO, Revised GHG Reduction Strategy for Global Shipping Adopted, 7 July 2023, https://www.imo.org/en/MediaCentre/PressBriefings/pages/Revised-GHG-reduction-strategy-for-global-shipping-adopted-.aspx.

81. Accenture analysis based on: IEA, International Shipping, https://www.iea.org/reports/international-shipping.

82. Accenture analysis based on: BSR, 2020 Global Shipping Trade Lane Emissions Factors, October 2021, https://www.bsr.org/files/clean-cargo/BSR-Clean-Cargo-Emissions-Report-2021.pdf.

83. Accenture analysis based on: https://www.u-mas.co.uk/wp-content/uploads/2023/07/MEPC-80-overview-FAQs-UMAS-.pdf.

84. Global Maritime Forum (GMF), A Strategy for the Transition to Zero Emission Shipping, https://www.globalmaritimeforum.org/content/2021/10/A-Strategy-for-the-Transition-to-Zero-Emission-Shipping.pdf.

85. Accenture analysis based on: IMO Marine Environment Protection Committee, Energy Efficiency of Ships, September 2022, https://wwwcdn.imo.org/localresources/en/OurWork/Environment/Documents/Air%20pollution/MEPC%2079-6-1%20-%20Report%20of%20fuel%20oil%20consumption%20data%20submitted%20to%20the%20IMO%20Ship%20Fuel%20Oil%20ConsumptionDatabase...%20(Secretariat).pdf.

86. Accenture analysis based on: https://safety4sea.com/wp-content/uploads/2019/09/SEA-LNG-DNV-GL-Comparison-of-Alternative-Marine-Fuels-2019_09.pdf.

87. Accenture analysis based on: UMAS and UN Climate Change High Level Champions, Climate Action in Shipping: Progress Towards Shipping’s 2030 Breakthrough, https://climatechampions.unfccc.int/wp-content/uploads/2022/09/GTZ_ClimateActionInShipping.pdf.

88. EnergyWatch, European Energy Breaks Ground on Grand E-Methanol Facility, 16 May 2023, https://energywatch.com/EnergyNews/Renewables/article15826730.ece.

89. Accenture analysis based on: https://afi.dnv.com/map.

90. Maersk, Equinor and Maersk Partner Up to Ensure Continued “Green Methanol” Supply for the World’s First Methanol-enabled Container Vessel, 8 September, https://www.maersk.com/news/articles/2023/09/08/equinor-and-maersk-partner-to-supply-first-methanol-enabled-container-vessel.

91. DNV, Maritime Forecast 2023, https://www.dnv.com/maritime/publications/maritime-forecast-2023/index.html.

92. Accenture analysis based on: Lloyd’s Register, Zero Carbon Fuel Monitor, https://www.lr.org/en/expertise/maritime-energy-transition/maritime-decarbonisation-hub/zcfm.

93. IMO, IMO’s Work to Cut GHG Emissions from Ships, https://www.imo.org/en/MediaCentre/HotTopics/Pages/Cutting-GHG-emissions.aspx.

94. IEA, ETP Clean Energy Technology Guide, 14 September 2023, https://www.iea.org/data-and-statistics/data-tools/etp-clean-energy-technology-guide.

95. DNV, Maritime Forecast 2023, https://www.dnv.com/maritime/publications/maritime-forecast-2023/index.html.

96. Accenture analysis based on: Global Maritime Forum (GMF), Strategy for the Transition to Zero-Emission Shipping, 2021, https://www.globalmaritimeforum.org/content/2021/10/A-Strategy-for-the-Transition-to-Zero-Emission-Shipping.pdf.

97. Ibid.

98. Ibid.

99. Ibid.

100. Accenture analysis based on: Energy Transitions Commission for the Getting to Zero Coalition, The First Wave: A blueprint for commercial-scale zero-emission shipping pilots, 11 November 2020, https://www.globalmaritimeforum.org/content/2020/11/The-First-Wave-–-A-blueprint-for-commercial-scale-zero-emission-shipping-pilots.pdf; RENA, Decarbonizing Shipping 2021, https://www.irena.org/-/media/Files/IRENA/Agency/Publication/2021/Oct/IRENA_Decarbonising_Shipping_2021.pdf.

101. Riviera, Yara to Set up World’s First Carbon-Free Ammonia Bunkering Network, 1 April 2022, https://www.rivieramm.com/news-content-hub/news-content-hub/yara-to-set-up-worlds-first-carbon-free-ammonia-bunkering-network-70502.

102. Clean Energy Ministerial, A New Clean Energy Marine Hubs Announced at the GCAEF, 23 September 2022, https://www.cleanenergyministerial.org/a-new-clean-energy-marine-hubs-announced-at-the-gcaef/.

103. Accenture analysis based on technology tracker.

104. Getting to Zero Coalition, The First Wave: A Blueprint For Commercial Scale Zero Emission Shipping Pilots, 11 November 2020, https://www.globalmaritimeforum.org/content/2020/11/The-First-Wave-–-A-blueprint-for-commercial-scale-zero-emission-shipping-pilots.pdf.

105. Maersk, Maersk ECO Delivery, https://www.maersk.com/transportation-services/eco-delivery.

106. Hapag-Lloyd, Ship Green, https://www.hapag-lloyd.com/en/online-business/book/ship-green.html.

107. U.S. Department of Senate, Launching the First Movers Coalition at the 2021 UN Climate Change Conference, 4 November 2021, https://www.state.gov/launching-the-first-movers-coalition-at-the-2021-un-climate-change-conference/.

108. ISO, ISO 14083:2023, March 2023, https://www.iso.org/standard/78864.html.

109. European Commission, EU Emissions Trading System (EU ETS), https://climate.ec.europa.eu/eu-action/eu-emissions-trading-system-eu-ets_en.

110. Sheldon Whitehouse, Bills to Reduce Ocean Shipping Emissions, 6 August 2023, https://www.whitehouse.senate.gov/news/release/on-world-oceans-day-whitehouse-and-padilla-introduce-pair-of-bills-to-reduce-ocean-shipping-emissions.

111. IMO, Strategy on Reduction of GHG Emissions from Ships, 2023, https://www.imo.org/en/OurWork/Environment/Pages/2023-IMO-Strategy-on-Reduction-of-GHG-Emissions-from-Ships.aspx.

112. European Community Shipowners’ Association, New ETS Law: Earmarked Revenues Can Mark a Turning Point for Shipping’s Decarbonization, 18 April 2023, https://www.ecsa.eu/news/new-ets-law-earmarked-revenues-can-mark-turning-point-shippings-decarbonisation.

113.Safety4Sea, US Senators Introduce Legislation to Eliminate In-Port Ship Emissions, 9 June 2023, https://safety4sea.com/u-s-senators-introduce-legislation-to-eliminate-in-port-ship-emissions/.

114. DNV, EEXI – The Energy Efficiency existing ship Index, https://www.dnv.com/maritime/insights/topics/eexi/index.html.

115. DNV, CII – Carbon Intensity Indicator, https://www.dnv.com/maritime/insights/topics/CII-carbon-intensity-indicator/index.html.

116. CSIS, How 45v Tax Credit Definition Could Make or Break Clean Hydrogen Economy, 22 May 2023, https://www.csis.org/analysis/how-45v-tax-credit-definition-could-make-or-break-clean-hydrogen-economy.

117. ICCT, Can the Inflation Reduction Act Unlock a Green Hydrogen Economy?, 3 January 2023, https://theicct.org/ira-unlock-green-hydrogen-jan23/.

118. Safety4Sea, EU AFIR: Ports Must Provide Shore-side Electricity by 2030, 25 July 2023, https://safety4sea.com/eu-afirports-must-provide-shore-side-electricity-by-2030/.

119. Ibid.

120. UK Gov, COP 26 Clydebank Declaration, 13 April 2022, https://www.gov.uk/government/publications/cop-26-clydebank-declaration-for-green-shipping-corridors/cop-26-clydebank-declaration-for-green-shipping-corridors.

121. UK Gov, Maritime Sector Given Green Boost with Major COP27 Pledge, 7 November 2022, https://www.gov.uk/government/news/maritime-sector-given-green-boost-with-major-cop27-pledge.

122. GMF, Annual Progress Report on Green Shipping Corridors, 2022, https://www.globalmaritimeforum.org/content/2022/11/The-2022-Annual-Progress-Report-on-Green-Shipping-Corridors.pdf.

123. European Council, FuelEU Maritime Initiative, 25 July 2023, https://www.consilium.europa.eu/en/press/press-releases/2023/07/25/fueleu-maritime-initiative-council-adopts-new-law-to-decarbonise-the-maritime-sector/.

124. Offshore Energy, U.S.: Clean Shipping Act 2023 Introduced to Help Curb GHG Emissions from Ships, 9 June 2023, https://www.offshore-energy.biz/us-clean-shipping-act-2023-introduced-to-help-curb-ghg-emissions-from-ships/.

125. IMO, Strategy on Reduction of GHG Emissions from Ships, 2023, https://www.imo.org/en/OurWork/Environment/Pages/2023-IMO-Strategy-on-Reduction-of-GHG-Emissions-from-Ships.aspx.

126. Maritime Executive, Indian Government to Pay Subsidy to Build Green Shipping, 23 May 2023, https://maritime-executive.com/article/indian-government-to-pay-30-subsidy-to-build-green-shipping.

127. Mercom India, Daily News Wrap-Up: Government to Bear 30% of Green Shipping Cost, 24 May 2023, https://www.mercomindia.com/daily-news-wrap-up-government-green-shipping-cost.

128.Accenture analysis based on: DNV, Maritime Forecast to 2050, https://www.dnv.com/maritime/publications/maritime-forecast-2023/index.html#:~:text=Already%20by%202030%2C%205%25%20of,all%20fossil%20fuels%20are%20eliminated.

129. DNV, Maritime Forecast 2023, https://www.dnv.com/maritime/publications/maritime-forecast-2023/index.html.

130. Accenture analysis based on S&P Capital IQ data.

131. Ibid.

132. Stern NYU, WACC data: Cost of Equity and Capital, January 2023, https://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/wacc.html.

133. Accenture analysis based on S&P Capital IQ Pro data.

134. International Chamber of Shipping (ICS), ICS Reaffirms Commitment to 2050 Net Zero, 15 February 2023, https://www.ics-shipping.org/press-release/the-international-chamber-of-shipping-reaffirms-commitment-to-2050-net-zero/.

135. Transition Pathway Initiative, Shipping, https://www.transitionpathwayinitiative.org/sectors/shipping.

136. Ibid.

137. The scope of analysis covers the hard-to abate aspect of the trucking industry, primarily heavy-duty trucking.

138. Regions in scope for trucking analysis, based on: MPP framework; US, China, India, EU.

139. IEA, Trucks and Buses, July 2023, https://www.iea.org/energy-system/transport/trucks-and-buses#tracking.

140. IEA, IEA Net Zero by 2050, May 2021, https://www.iea.org/reports/net-zero-by-2050.

141. IEA, IEA World Energy Outlook, October 2022, https://www.iea.org/reports/world-energy-outlook-2022.

142. MPP, Making Zero Emissions Trucking Possible, July 2022, https://missionpossiblepartnership.org/wp-content/uploads/2022/11/Making-Zero-Emissions-Trucking-Possible.pdf.

143. Accenture analysis based on: Drive to Zero, Retrofitted Trucks the Fastest Way to Decarbonise the Transport World, 7November 2022, https://www.drivetozero.fr/en/2044-retrofitted-trucks-the-fastest-way-to-decarbonise-the-transport-world/;MPP, Making Zero Emissions Trucking Possible, July 2022, https://missionpossiblepartnership.org/wp-content/uploads/2022/11/Making-Zero-Emissions-Trucking-Possible.pdf.

144. Accenture analysis based on: MPP, Making Zero Emissions Trucking Possible, July 2022, https://missionpossiblepartnership.org/wp-content/uploads/2022/11/Making-Zero-Emissions-Trucking-Possible.pdf.

145. Ibid.

146. Accenture analysis based on: Drive to Zero, Retrofitted Trucks the Fastest Way to Decarbonise the Transport World, 7 November 2022, https://www.drivetozero.fr/en/2044-retrofitted-trucks-the-fastest-way-to-decarbonise-the-transport-world/; MPP, Making Zero Emissions Trucking Possible.

147. Accenture analysis based on S&P Capital IQ data and Stern NYU WACC data.

148. Transportation Research Industry Perspectives, Environmental Performance of Four Different Heavy-Duty Propulsion Technologies Using Life Cycle Assessment, September 2021, https://www.sciencedirect.com/science/article/pii/S2590198221001342?ref=cra_js_challenge&fr=RR-1.

149. European Federation for Transport and environment: Easy Ride: Why the EU Truck CO2 Targets are Unfit for the 2020s, 2021, https://www.transportenvironment.org/wp-content/uploads/2021/10/202108_truck_CO2_report_final.pdf.

150. Shell, Decarbonising Road Freight: Getting into Gear, 2021, https://www.shell.com/energy-and-innovation/the-energy-future/decarbonising-road-freight/_jcr_content/root/main/section/item.multi.stream/1667916603112/3efb462f0ef05d4273d2eda5339d510c91ee1cde/decarbonising-road-freight-industry-report.pdf.

151. MPP, Making Zero Emissions Trucking Possible, July 2022, https://missionpossiblepartnership.org/wp-content/uploads/2022/11/Making-Zero-Emissions-Trucking-Possible.pdf.

152. Ibid.

153. Ibid.

154. Ibid.

155. ICCT, Battery Electric Trucks Emit 63% Less GHG Emissions than Diesel, 26 February 2023, https://theicct.org/battery-electric-trucks-emit-63-less-ghg-emissions-than-diesel/.

156. IEA, Trucks and Buses, July 2023, https://www.iea.org/energy-system/transport/trucks-and-buses#tracking.

157. IEA, ETP Clean Energy, Technology Guide, 14 September 2023, https://www.iea.org/data-and-statistics/data-tools/etp-clean-energy-technology-guide?selectedSector=Road.

158. Times of India, Warming up: India’s Race to Net Zero Trucking, 12 June 2023, https://timesofindia.indiatimes.com/blogs/voices/warming-up-indias-race-to-net-zero-trucking/.

159. Accenture analysis.

160. bp, BP Opens its First Electric Truck Charging Facilities, 27 July 2022, https://www.bp.com/en/global/corporate/news-and-insights/press-releases/bp-opens-its-first-electric-truck-charging-facilities-to-support-the-decarbonisation-of-transport.html.

161. Bio-gas World, Renewable Natural Gas Heavy Duty Vehicles, 5 February 2019, https://www.biogasworld.com/news/renewable-natural-gas-heavy-duty-vehicles/.

162. MPP, Making Zero Emissions Trucking Possible, July 2022, https://missionpossiblepartnership.org/wp-content/uploads/2022/11/Making-Zero-Emissions-Trucking-Possible.pdf.

163. Accenture analysis based on: Drive to Zero, Retrofitted Trucks the Fastest Way to Decarbonise the Transport World, 7 November 2022, https://www.drivetozero.fr/en/2044-retrofitted-trucks-the-fastest-way-to-decarbonise-the-transport-world/.

164. MPP, Making Zero Emissions Trucking Possible, July 2022, https://missionpossiblepartnership.org/wp-content/uploads/2022/11/Making-Zero-Emissions-Trucking-Possible.pdf.

165. Accenture analysis.

166. Ibid.

167. MPP, Making Zero Emissions Trucking Possible, July 2022, https://missionpossiblepartnership.org/wp-content/uploads/2022/11/Making-Zero-Emissions-Trucking-Possible.pdf.

168. Reuters, Logistics Sector Mulls How Keeping Trucking Net Zero Future, 12 June 2023, https://www.reuters.com/sustainability/boards-policy-regulation/logistics-sector-mulls-how-keeping-trucking-net-zero-future-2023-06-12/.

169. Siemens, Dynamic Charging Infrastructure, https://www.mobility.siemens.com/global/en/portfolio/road/ehighway.html.

170. ICCT, Charging Solutions For Battery-Electric Trucks, December 2022, https://theicct.org/wp-content/uploads/2022/12/charging-infrastructure-trucks-zeva-dec22.pdf.

171. Accenture analysis based on: MPP, Making Zero Emissions Trucking Possible, July 2022, https://missionpossiblepartnership.org/wp-content/uploads/2022/11/Making-Zero-Emissions-Trucking-Possible.pdf.

172. Ibid.

173. Ibid.

174. Ibid.

175. Ibid.

176. MPP, Making Zero Emissions Trucking Possible, July 2022, https://missionpossiblepartnership.org/wp-content/uploads/2022/11/Making-Zero-Emissions-Trucking-Possible.pdf.

177. Trucking Info, Trucks-as-a-Service Model to Help Drive EV Adoption by Fleets, 2 June 2023, https://www.truckinginfo.com/10200014/trucks-as-a-service-model-to-help-drive-ev-adoption-by-fleets.

178. Global Commercial Vehicle, Drive to Zero: Zero-Emission Truck and Bus Market Update, October 2022, https://globaldrivetozero.org/site/wp-content/uploads/2022/10/ZE_TruckBus_update.pdf.

179. The International Council on Clean Transportation, Charging Solutions For Battery Electric Trucks, December 2022,https://theicct.org/wp-content/uploads/2022/12/charging-infrastructure-trucks-zeva-dec22.pdf.

180. Ibid.

181. Ibid.

182. YiCai Global: GCL, Deepway to Build Heavy-Duty Truck Battery-Swap Network Along Beijing-Shanghai Highway, 2022, https://www.yicaiglobal.com/news/gcl-deepway-to-build-heavy-duty-truck-battery-swap-network-along-beijingh-shanghai-highway/

183. Mayer Brown, EU ETS Reform Tighter Scheme, 9 January 2023, https://www.mayerbrown.com/en/perspectives-events/publications/2023/01/eu-ets-reform-tighter-scheme-inclusion-of-shipping-and-transport-building-fuel.

184. Clean Prosperity, Canada’s Carbon Tax, https://cleanprosperity.ca/about-carbon-taxes/canadas-carbon-tax/.

185. NovaScotia.CA, Fuel Regulations Change in Response to Federal Carbon Reduction Initiatives, 2 June 2023, https://novascotia.ca/news/release/?id=20230602004.

186. Transport Policy, India Heavy Duty Fuel Consumption, https://www.transportpolicy.net/standard/india-heavy-duty-fuel-consumption-2/.

187. New York Times, California Diesel Truck Sale Ban, 29 April, https://www.nytimes.com/2023/04/29/us/california-diesel-truck-sale-ban.html.

188. CNBC, California Bans the Sale of New Diesel Trucks by 2036, 28 April 2023, https://www.cnbc.com/2023/04/28/california-bans-the-sale-of-new-diesel-trucks-by-2036.html.

189. Office of Energy Efficiency & Renewable Energy, Financial Incentives for Hydrogen and Fuel Cell Projects, https://www.energy.gov/eere/fuelcells/financial-incentives-hydrogen-and-fuel-cell-projects.

190. European Council, European Green Deal, 28 March 2023, https://ec.europa.eu/commission/presscorner/detail/en/ip_23_1867.

191. ICCT, European Union Alternative Fuel Infrastructure Regulation (AFIR), April 2023, https://theicct.org/wp-content/uploads/2023/04/AFIR-EU-Policy-Update-A4-Final.pdf.

192. IEA, Global EV Policy Explorer, 26 April 2023, https://www.iea.org/data-and-statistics/data-tools/global-ev-policy-explorer.

193. Bolt Earth, EV Landscape in China, 21 August 2023, https://bolt.earth/blog/ev-landscape-in-china.

194. OECD/IEA/NEA/ITF, Aligning Policies for a Low-carbon Economy, 2015, https://www.oecd.org/environment/Aligning-Policies-for-a-Low-carbon-Economy.pdf.

195. Accenture analysis based on: Drive to Zero, Retrofitted Trucks the Fastest Way to Decarbonise the Transport World, 7 November 2022, https://www.drivetozero.fr/en/2044-retrofitted-trucks-the-fastest-way-to-decarbonise-the-transport-world/.

196. Accenture analysis based on S&P Capital IQ data.

197. Ibid.

198. Stern NYU, WACC Data: Cost of Equity and Capital, January 2023, https://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/wacc.html.

199. Accenture analysis based on S&P Capital IQ data.

200. MPP, Making Zero Emissions Trucking Possible, July 2022, https://missionpossiblepartnership.org/wp-content/uploads/2022/11/Making-Zero-Emissions-Trucking-Possible.pdf.

201. Ibid.

202. MPP, Making Net-Zero Steel Possible, 2022, https://missionpossiblepartnership.org/wp-content/uploads/2022/09/Making-Net-Zero-Steel-possible.pdf.

203. IEA, Steel, https://www.iea.org/reports/iron-and-steel.

204. World Steel Association, Annual Production Steel Data 2022, https://worldsteel.org/steel-topics/statistics/annual-production-steel-data/?ind=P1_crude_steel_total_pub/CHN/IND.

205. Accenture analysis based on CRU.

206. Primary steel refers to steel produced from iron ore traditionally using blast furnaces (BF-BOF) for the smelting and refining processes.

207. Secondary steel refers to steel produced from steel scrap, traditionally using EAF for the smelting and refining purposes.

208. MPP, Making Net-Zero Steel Possible, September 2022, https://missionpossiblepartnership.org/wp-content/uploads/2022/09/Making-Net-Zero-Steel-possible.pdf.

209. Accenture analysis based on: IRENA, Renewable Power Generation Costs in 2021, July 2022, https://www.irena.org/publications/2022/Jul/Renewable-Power-Generation-Costs-in-2021; MPP, Steel: Pathways to Net Zero, https://dash-mpp.plotly.host/mpp-steel-net-zero-explorer/.

210. MPP, Steel Transition Strategy, October 2021, https://missionpossiblepartnership.org/wp-content/uploads/2021/10/MPP-Steel-Transition- Strategy-Oct-2021.pdf.

211. Accenture analysis based on: IEA, Steel, https://www.iea.org/energy-system/industry/steel; MPP, Steel: Pathways to Net Zero, https://dash-mpp.plotly.host/mpp-steel-net-zero-explorer/.

212. Transition Pathway Initiative, Steel, https://www.transitionpathwayinitiative.org/sectors/steel.

213. Accenture analysis based on: Energy Transitions Commission, Steeling Demand: Mobilising Buyers to Bring Net-Zero Steel to Market Before 2030, June 2021, https://www.energy-transitions.org/publications/steeling-demand/.

214. Accenture analysis based on S&P Capital IQ data and Stern NYU WACC data.

215. Accenture analysis based on: IEA, IEA World Energy Outlook, October 2022, https://www.iea.org/reports/world-energy-outlook-2022.

216. World Steel, World Steel in Figures, 2022, https://worldsteel.org/wp-content/uploads/World-Steel-in-Figures-2022-1.pdf.

217. Ibid.

218. World Steel, Sustainability Indicators 2022 Report, December 2022, https://worldsteel.org/wp-content/uploads/Sustainability-Indicators-2022-report.pdf.

219. Accenture analysis based on: IEA, Steel, https://www.iea.org/reports/iron-and-steel; MPP, Steel: Pathways to Net Zero, https://dash-mpp.plotly.host/mpp-steel-net-zero-explorer/.

220. Ibid.

221. MPP, Making Net-Zero Aviation Possible, October 2021, https://missionpossiblepartnership.org/wp-content/uploads/2023/01/Making-Net-Zero-Aviation-possible.pdf.

222. Ibid.

223. Ibid.

224. Ibid.

225. Ibid.

226. Ibid.

227. Shell, Decarbonising Shell: Forging New Paths Together, https://www.shell.com/shellenergy/marketingandtrading/_jcr_content/root/main/section/simple/promo_2130259397/links/item0.stream/1669392117011/5b1f673472d02633f82125fef387d13c266a454d/shell-decarbonising-steel-digital.pdf.

228. SSAB, Fossil-Free Steel, https://www.ssab.com/en/fossil-free-steel/ssab-zero.

229. Accenture analysis based on: IRENA, Renewable Power Generation Costs in 2021, July 2022, https://www.irena.org/publications/2022/Jul/Renewable-Power-Generation-Costs-in-2021.

230. World Steel, World Steel in Figures, 2022, https://worldsteel.org/wp-content/uploads/World-Steel-in-Figures-2022-1.pdf.

231. Accenture analysis based on: IRENA, Renewable Power Generation Costs in 2021, July 2022, https://www.irena.org/publications/2022/Jul/Renewable-Power-Generation-Costs-in-2021.

232. ESG News, US Steel and Carbon Free Team to Capture CO2 Emissions at One of the Largest Integrated Steel Mills in North America, 2 March 2023, https://esgnews.com/u-s-steel-and-carbonfree-team-to-capture-co2-emissions-at-one-of-the-largest-integrated-steel-mills-in-north-america/.

233. MPP, Making Net-Zero Aviation Possible, 2021, https://missionpossiblepartnership.org/wp-content/uploads/2023/01/Making-Net-Zero-Aviation-possible.pdf.

234. Ibid.

235. Bloomberg, Rio Tinto, China Baowu to Jointly Explore Green Steel Projects, 12 June 2023, https://www.bloomberg.com/news/articles/2023-06-12/rio-tinto-china-baowu-to-jointly-explore-green-steel-projects#xj4y7vzkg.

236. Reuters, Top Steel Firm China Baowu Unveils Global Alliance to Cut Emissions, 18 November 2021, https://www.reuters.com/business/sustainable-business/top-steel-firm-china-baowu-unveils-global-alliance-emissions-effort-2021-11-18/.

237. Green Steel World, Green Steel Partnerships, 19 May 2022, https://greensteelworld.com/green-steel-partnerships-a-lynchpin-for-auto-industrys-real-transformation.

238. Volkswagen, Volkswagen Group and Salzgitter AG Sign Memorandum of Understanding on Supply of Low-CO2 Steel from the End of 2025, 21 March 2022, https://www.volkswagen-newsroom.com/en/press-releases/volkswagen-group-and-salzgitter-ag-sign-memorandum-of-understanding-on-supply-of-low-co2-steel-from-the-end-of-2025-7816.

239. Clean Energy Ministerial, Industrial Deep Decarbonization Initiative, https://www.cleanenergyministerial.org/initiatives-campaigns/industrial-deep-decarbonisation-initiative/.

240. Responsible Steel, Celebrating One Year Since Responsible Steel’s First Site Certifications, July 2022, https://www.responsiblesteel.org/news/celebrating-one-year-since-responsiblesteels-first-site-certifications/.

241. Accenture, State of Supply Chains, https://www.accenture.com/us-en/insights/consulting/supply-chain-disruption.

242. World Steel, World Steel in Figures, 2022, https://worldsteel.org/wp-content/uploads/World-Steel-in-Figures-2022-1.pdf.

243. European Steel Technology Platform (ESTEP), Clean Steel Partnership, https://www.estep.eu/clean-steel-partnership/.

244. Accenture analysis.

245. European Commission, EU Emissions Trading System (EU ETS), https://climate.ec.europa.eu/eu-action/eu-emissions-trading-system-eu-ets-en.

246. International Carbon Action Partnership (ICAP), California Cap-and-Trade Program, https://icapcarbonaction.com/en/ets/usa-california-cap-and-trade-program.

247. ICAP, Korea Emissions Trading Scheme, https://icapcarbonaction.com/en/ets/korea-emissions-trading-scheme.

248. ICAP, China National ETS, https://icapcarbonaction.com/en/ets/china-national-ets.

249. Europe Council, EU Climate Action: Provisional Agreement Reach on Carbon Border Adjustment Mechanism, 13 December 2022, https://www.consilium.europa.eu/en/press/press-releases/2022/12/13/eu-climate-action-provisional-agreement-reached-on-carbon-border-adjustment-mechanism-cbam/.

250. GEP, Inflation Reduction Act, https://www.gep.com/bulletins/inflation-reduction-act-how-to-secure-tax-credits-for-clean-energy.

251. U.S. Department of Energy: Office of Policy, Power-Sector Transitions: Potential Near-Term Impacts of the Inflation Reduction Act and Bipartisan Infrastructure Law, https://www.energy.gov/sites/default/files/2023-03/Power-Sector%20Transitions%20Fact%20Sheet.pdf.

252. Council on Environmental Quality, Federal Buy Clean Initiative, https://www.sustainability.gov/buyclean.

253. Clean Energy Ministerial, Industrial Deep Decarbonisation Initiative, https://www.cleanenergyministerial.org/initiatives-campaigns/industrial-deep-decarbonisation-initiative/.

254. Climate Bonds Initiative, A Fork in The Road For The Global Steel Sector, November 2022, https://www.climatebonds.net/files/reports/cbi_steel_fork_01c98.pdf.

255. U.S. General Services Administration, GSA Pilots Buy Clean Inflation Reduction Act Requirements For Low Embodied Carbon Construction Materials, 16 May 2023, https://www.gsa.gov/about-us/newsroom/news-releases/gsa-pilots-buy-clean-inflation-reduction-act-requirements-for-low-embodied-carbon-construction-materials-05162023.

256. ESTEP, Green Steel for Europe: Funding Opportunities to Decarbonise the EU Steel Industry, June 2021, https://www.estep.eu/assets/Uploads/Funding-Opportunities.pdf.

257. Breakthrough Energy, Impact of IRA, IIJA, CHIPS, and Energy Act of 2020 on Clean Technologies, April 2023, https://breakthroughenergy.org/wp-content/uploads/2023/04/Steel-Cleantech-Policy-Impact-Assessment.pdf.

258. Accenture analysis based on: Energy Transitions Commission, Steeling Demand: Mobilising Buyers to Bring Net-Zero Steel to Market Before 2030, June 2021, https://www.energy-transitions.org/publications/steeling-demand/.

259. Accenture analysis based on S&P Capital IQ data.

260. Accenture analysis based on S&P Capital IQ data.

261. Stern NYU, WACC Data: Cost of Equity and Capital, January 2023, https://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/wacc.html.

262. Transition Pathway Initiative, Steel, https://www.transitionpathwayinitiative.org/sectors/steel.

263. GCCA, Concrete Future Roadmap, https://gccassociation.org/concretefuture/wp-content/uploads/2022/10/GCCA-Concrete-Future-Roadmap-Document-AW-2022.pdf.

264. Industry Tracker, Net Zero: In a Binder, https://industry-tracker.org/research-analysis/net-zero-in-a-binder/.

265. IEA, Cement, https://www.iea.org/energy-system/industry/cement.

266. GCCA, Concrete Future Roadmap, https://gccassociation.org/concretefuture/wp-content/uploads/2021/10/GCCA-Concrete-Future-Roadmap-Document-AW.pdf.

267. IEA, Net Zero by 2050, May 2021, https://iea.blob.core.windows.net/assets/deebef5d-0c34-4539-9d0c-10b13d840027/NetZeroby2050-ARoadmapfortheGlobalEnergySector_CORR.pdf.

268. Accenture analysis based on: IEA, IEA World Energy Outlook, October 2022, https://www.iea.org/reports/world-energy-outlook-2022; GCCA, Concrete Future Roadmap, https://gccassociation.org/concretefuture/wp-content/uploads/2021/10/GCCA-Concrete-Future-Roadmap-Document-AW.pdf; Global CCS Institute, Carbon Capture and Storage Hub Study, November 2020, https://cmc.nt.gov.au/__data/assets/pdf_file/0006/1052898/q20-0114-gccsi-nt-css-hu-study-final-report.pdf.

269. Accenture analysis based on: Bloomberg, U.S. Housing Construction Costs, https://www.bloomberg.com/graphics/2021-us-housing-construction-costs/.

270. U.S. Geological Survey, Cement, January 2023, https://pubs.usgs.gov/periodicals/mcs2023/mcs2023-cement.pdf.

271. IEA: Industry, Cement, https://www.iea.org/energy-system/industry/cement.

272. Accenture Analysis based on: European Cement Research Academy (ECRA), https://ecra-online.org/research/technology-papers/.

273. Accenture analysis based on S&P Capital IQ data and Stern NYU, WACC data.

274. Renewable waste refers to fuel sources such as biomass, wood chips and agricultural residue and waste cooking oil.

275. Common SCMs include slag, fly ash and natural pozzolans.

276. Accenture Analysis based on: IEA, Global Thermal Energy Intensity and Fuel Consumption of Clinker Production in the Net Zero Scenario, https://www.iea.org/data-and-statistics/charts/global-thermal-energy-intensity-and-fuel-consumption-of-clinker-production-in-the-net-zero-scenario-2015-2030.

277. IEA: Industry, Cement, https://www.iea.org/energy-system/industry/cement.

278. IEA: Reports, Cement, https://www.iea.org/reports/cement.

279. GCCA, Concrete Future Roadmap, https://gccassociation.org/concretefuture/wp-content/uploads/2022/10/GCCA-Concrete-Future-Roadmap-Document-AW-2022.pdf.

280. U.S. Geological Survey, Cement, January 2023, https://pubs.usgs.gov/periodicals/mcs2023/mcs2023-cement.pdf.

281. IEA: Industry, Cement, https://www.iea.org/energy-system/industry/cement.

282. Ibid.

283. GCCA, Getting to Net Zero, https://gccassociation.org/concretefuture/getting-to-net-zero/.

284. IEA, IEA World Energy Outlook, October 2022, https://www.iea.org/reports/world-energy-outlook-2022.

285. 2022, https://www.iea.org/reports/world-energy-outlook-2022.

286. Expert interviews with GCCA.

287. Heidelberg Materials, First Global Net Zero Carbon Capture in the Cement Industry, 6 April 2023, https://www.heidelbergmaterials.com/en/pr-2023-04-06.

288. IEA, CCUS Projects Database, March 2023, https://www.iea.org/data-and-statistics/data-product/ccus-projects-database.

289. Accenture analysis based on: IEA, IEA World Energy Outlook, October 2022, https://www.iea.org/reports/world-energy-outlook-2022; GCCA, Concrete Future Roadmap, https://gccassociation.org/concretefuture/wp-content/uploads/2022/10/GCCA-Concrete-Future-Roadmap-Document-AW-2022.pdf; Global CCS Institute, Carbon Capture and Storage Hub Study, November 2020, https://cmc.nt.gov.au/__data/assets/pdf_file/0006/1052898/q20-0114-gccsi-nt-css-hub-study-final-report.pdf.

290. Northern Lights, About the Longship Project, https://norlights.com/about-the-longship-project/.

291. Accenture analysis based on ECRA.

292. IEA, Net Zero by 2050, May 2021, https://iea.blob.core.windows.net/assets/deebef5d-0c34-4539-9d0c-10b13d840027/NetZeroby2050-ARoadmapfortheGlobalEnergySector_CORR.pdf.

293. Accenture analysis based on: Bloomberg, U.S. Housing Construction Costs, 3 June 2021, https://www.bloomberg.com/graphics/2021-us-housing-construction-costs/.

294. World Economic Forum First Movers Coalition, Surfacing Supply of Near-Zero Emission Fuels and Materials in India, July 2023, https://www3.weforum.org/docs/WEF_Surfacing_Supply_of_Near_Zero_Emissions_Fuels_and_Materials_in_India_2023.pdf.

295. Business Wire, Hoffmann Green Cement Signs a Supply Contract With the Alkern Group, 15 March 2023, https://www.businesswire.com/news/home/20230315005759/en/Hoffmann-Green-Cement-Signs-a-Supply-Contract-With-the-Alkern-Group.

296. ISO, Standard: 70747, March 2023, https://www.iso.org/standard/70747.html.

297. World Economic Forum, Low Carbon Design Can Reduce Cement Emissions by 40% - Here’s How to Deploy it at Scale, March 2023, https://www.weforum.org/agenda/2023/03/low-carbon-design-can-almost-halve-cement-emissions-here-s-how-to-deploy-it-at-scale/.

298. Monteiro, Helena, Moura, Bruna and Nelson Soares, “Advancements in Nano-enabled Cement and Concrete: Innovative Properties and Environmental Implications”, Journal of Building Engineering, September 2022, https://www.sciencedirect.com/science/article/abs/pii/S2352710222007495.

299. Srubar, Wil, “Tiny Algae Could Help Fix Concrete’s Dirty little Climate Secret”, American Society For Biochemistry And Molecular Biology, Member Magazine for the American Society for Biochemistry and Molecular Biology, November 2022, https://www.asbmb.org/asbmb-today/science/111222/tiny-algae-could-help-fix-concrete-s-dirty-little.

300. World Economic Forum, This Innovation Uses 3D Printing to Cut Concrete Use, January 2022, https://www.weforum.org/agenda/2022/01/eth-zurich-3d-printer-concrete-carbon-emissions.

301. U.S. Geological Survey, Cement, January 2023, https://pubs.usgs.gov/periodicals/mcs2023/mcs2023-cement.pdf.

302. European Commission, Innovation Fund, https://cinea.ec.europa.eu/programmes/innovation-fund_en.

303. European Commission, The Net-Zero Industry Act, https://single-market-economy.ec.europa.eu/industry/sustainability/net-zero-industry-act_en.

304. European Commission, EU Emissions Trading System (EU ETS), https://climate.ec.europa.eu/eu-action/eu-emissions-trading-system-eu-ets_en.

305. ICAP, USA – California Cap-and-Trade Program, https://icapcarbonaction.com/en/ets/usa-california-cap-and-trade-program.

306. ICAP, China National ETS, https://icapcarbonaction.com/en/ets/china-national-ets.

307. European Commission, Carbon Border Adjustment Mechanism, https://taxation-customs.ec.europa.eu/carbon-border-adjustment-mechnism_en.

308. CSIS, On Carbon-Linked Trade, Start with the Basics, 10 August 2023, https://www.csis.org/analysis/carbon-linked-trade-start-basics.

309. IEA, CCUS In Clean Energy Transition: Regional Opportunities, https://www.iea.org/reports/ccus-in-clean-energy-transitions/regional-opportunities.

310. U.S.Department of Energy, The Infrastructure Investment and Jobs Act, https://www.energy.gov/sites/default/files/2021-12/FECM%20Infrastructure%20Factsheet.pdf.

311. World Resources Institute, What Does “Green” Procurement Mean? Initiatives and Standards for Cement and Steel, April 25 2023, https://www.wri.org/insights/green-procurement-initiatives.

312. Council on Environmental Quality, Federal Buy Clean Initiative, https://www.sustainability.gov/buyclean/.

313. Clean Energy Ministerial, Industrial Deep Decarbonisation Initiative, https://www.cleanenergyministerial.org/initiatives-campaigns/industrial-deep-decarbonisation-initiative/.

314. Buildings Performance Institute Europe, Implementing the Paris Agreement and Reducing Greenhouse Gas Emissions throughout the Life Cycle of Buildings: European Public Policies, Tools and Market Initiatives, https://www.bpie.eu/wp-content/uploads/2022/01/SPIPA-LCA-2022FINAL.pdf.

315. U.S. GSA, GSA Administrator Highlights Progress on Low-Carbon Construction Material Procurement in Ohio, 15 September 2022, https://www.gsa.gov/about-us/newsroom/news-releases/gsa-administrator-highlights-progress-on-lowcarbon-construction-material-procurement-in-ohio-09152022.

316. S&P Global, IRA “Turbocharged” Carbon Capture Tax Credit, 26 July 2023, https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/energy-transition/072523-ira-turbocharged-carbon-capture-tax-credit-but-challenges-persist-experts.

317. Accenture analysis based on ECRA.

318. Accenture analysis based on S&P Capital IQ data.

319. Accenture analysis based on S&P Capital IQ data.

320. Stern NYU, WACC Data: Cost of Equity and Capital, January 2023, https://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/wacc.html.

321. Accenture analysis based on S&P Capital IQ data.

322. Climate Bonds, Cement Criteria, https://www.climatebonds.net/standard/cement.

323. Climate Bonds, Concrete Policies to Underpin the Cement Transition, March 2023, https://www.climatebonds.net/files/reports/cbi-cement-policy.pdf.

324. Transition Pathway Initiatives, Cement, https://www.transitionpathwayinitiative.org/sectors/cement.

325. MPP, Aluminium, https://missionpossiblepartnership.org/action-sectors/aluminium/.

326. IAI, Statistics, 20 October 2023, https://international-aluminium.org/statistics.

327. Aluminium Stewardship Initiative (ASI), Analysis of Implementation of Greenhouse Gas (GHG) Emissions Reporting from ASI Certified Entities: March 2020 – March 2021 Update,12 October 2021,https://aluminium-stewardship.org/wp-content/uploads/2021/10/20211012-ASI-GHG-Validation-Report_v2.0_GENERIC.pdf.

328. IAI, Greenhouse Gas Emissions, 25 January 2023, https://international-aluminium.org/statistics/greenhouse-gas-emissions-aluminium-sector/.

329. IAI, Metallurgical Alumina Refining Fuel Consumption, 26 September 2023, https://international-aluminium.org/statistics/metallurgical-alumina-refining-fuel-consumption/.

330. IAI, Global Aluminium Cycle 2021, https://alucycle.international-aluminium.org/public-access/.

331. Accenture analysis.

332. MPP, Technical Appendix: Making Net-Zero Aluminium Possible, April 2023, https://missionpossiblepartnership.org/wp-content/uploads/2023/04/Making-1.5-Aligned-Aluminium-possible.pdf.

333. Accenture analysis.

334. Accenture analysis.

335. S&P Global, Platts Low-Carbon and Zero-Carbon Aluminum, https://www.spglobal.com/commodityinsights/en/our-methodology/price-assessments/metals/low-carbon-and-zero-carbon-aluminum.

336. IAI, Aluminium Sector Greenhouse Gas Pathways to 2050, September 2021, https://international-aluminium.org/resource/aluminium-sector-greenhouse-gas-pathways-to-2050-2021/.

337. Transition Pathway Initiative, Aluminium, https://www.transitionpathwayinitiative.org/sectors/aluminium.

338. MPP, Technical Appendix: Making Net-Zero Aluminium Possible, April 2023, https://missionpossiblepartnership.org/wp-content/uploads/2023/03/MPP-Aluminium-Technical-Appendix.pdf.

339. Accenture analysis based on S&P Capital IQ data and Stern NYU WACC data.

340. MPP, Technical Appendix: Making Net-Zero Aluminium Possible, April 2023, https://missionpossiblepartnership.org/wp-content/uploads/2023/04/Making-1.5-Aligned-Aluminium-possible.pdf.

341. MPP, Technical Appendix: Making Net-Zero Aluminium Possible, April 2023, https://missionpossiblepartnership.org/wp-content/uploads/2023/04/Making-1.5-Aligned-Aluminium-possible.pdf.

342. Accenture analysis based on: IAI, Primary Aluminium Smelting Power Consumption, 29 September 2023, https://Accenture analysis based on: IAI, Primary Aluminium Smelting Power Consumption, 29 September 2023, https://international-aluminium.org/statistics/primary-aluminium-smelting-power-consumption/.

343. MPP, Technical Appendix: Making Net-Zero Aluminium Possible, April 2023, https://missionpossiblepartnership.org/wp-content/uploads/2023/04/Making-1.5-Aligned-Aluminium-possible.pdf.

344. Accenture analysis based on: IAI, Metallurgical Alumina Refining Energy Intensity, 27 September 2023, https://international-aluminium.org/statistics/metallurgical-alumina-refining-energy-intensity/.

345. Net-zero trajectory is based on: IAI’s 1.5-degree pathway.

346. IAI, Aluminium Sector Greenhouse Gas Pathways to 2050, September 2021, https://international-aluminium.org/resource/aluminium-sector-greenhouse-gas-pathways-to-2050-2021/.

347. MPP, Technical Appendix: Making Net-Zero Aluminium Possible, April 2023, https://missionpossiblepartnership.org/wp-content/uploads/2023/04/Making-1.5-Aligned-Aluminium-possible.pdf.

348. Accenture analysis.

349. Accenture analysis based on: MPP, Net Zero Explorer, Aluminium, https://dash-mpp.plotly.host/aluminium-net-zero-explorer/.

350. MPP, Technical Appendix: Making Net-Zero Aluminium Possible, April 2023, https://missionpossiblepartnership.org/wp-content/uploads/2023/04/Making-1.5-Aligned-Aluminium-possible.pdf.

351. EnPot, How it Works, https://enpot.com/how-it-works/.

352. Accenture analysis based on: MPP, Technical Appendix: Making Net-Zero Aluminium Possible, April 2023, https://missionpossiblepartnership.org/wp-content/uploads/2023/04/Making-1.5-Aligned-Aluminium-possible.pdf.

353. International Aluminium Institute, Global Aluminium Cycle 2021, https://alucycle.world-aluminium.org/public-access/.

354. Accenture analysis based on BloombergNEF.

355. MPP, Technical Appendix: Making Net-Zero Aluminium Possible, April 2023, https://missionpossiblepartnership.org/wp-content/uploads/2023/04/Making-1.5-Aligned-Aluminium-possible.pdf.

356. Reuters, Rio Tinto to Invest $1.1 Billion to Expand Aluminum Smelter in Canada, 12 Kime 2023, https://www.reuters.com/markets/commodities/rio-tinto-invest-11-billion-expand-aluminum-smelter-canada-2023-06-12/.

357. Accenture analysis based on: IAI, Primary Aluminium Smelting Power Consumption, 29 September 2023, https://international-aluminium.org/statistics/primary-aluminium-smelting-power-consumption/.

358. Accenture analysis.

359. MPP, Technical Appendix: Making Net-Zero Aluminium Possible, April 2023, https://missionpossiblepartnership.org/wp-content/uploads/2023/04/Making-1.5-Aligned-Aluminium-possible.pdf.

360.Fast Markets, Chinese Aluminium Industry Will Relocate to Aaccess Low Carbon Power, 15 September 2022, https://www.fastmarkets.com/insights/chinese-aluminium-industry-will-relocate-to-access-low-carbon-power-intl-al-conf-hears.

361. Accenture analysis based on: IAI, Metallurgical Alumina Refining Fuel Consumption, 26 September 2023, https://international-aluminium.org/statistics/metallurgical-alumina-refining-fuel-consumption/.

362. Accenture analysis based on: IAI, Greenhouse Gas Emissions Intensity – Primary Aluminium, https://international-aluminium.org/statistics/greenhouse-gas-emissions-intensity-primary-aluminium/; Global CCS Institute, Carbon Capture and Storage Hub Study, https://cmc.nt.gov.au/__data/assets/pdf_file/0006/1052898/q20-0114-gccsi-nt-css-hub-study-final-report.pdf.

363. Accenture analysis.

364. Apple, Apple’s $4.7B in Green Bonds Support Innovative Green Technology, 24 March 2022, https://www.apple.com/in/newsroom/2022/03/apples-four-point-seven-billion-in-green-bonds-support-innovative-green-technology/.

365. Accenture analysis.

366. Accenture analysis based on: World Bank Blogs, Cost-competitive, low-carbon aluminium is key to the energy transition, https://blogs.worldbank.org/energy/cost-competitive-low-carbon-aluminum-key-energy-transition; Reuters, Analysis: Bumper green aluminium output is good for carmakers, and climate, 10 January 2023, https://www.reuters.com/business/autos-transportation/bumper-green-aluminium-output-is-good-news-carmakers-climate-2022-12-17/; Feeco, Aluminium in a Low Carbon Economy, https://feeco.com/aluminum-in-a-low-carbon-economy/.

367. Industry consultations.

368. Alcoa, Alcoa Expands its EcoSource Low-Carbon Alumina Brand to Include Non-metallurgical Grade Alumina, 4 April 2023, https://news.alcoa.com/press-releases/press-release-details/2023/Alcoa-Expands-its-EcoSource-Low-Carbon-Alumina-Brand-to-Include-Non-metallurgical-Grade-Alumina/default.aspx.

369. Rusal, ALLOW, https://rusal.ru/en/clients/allow/.

370. RioTinto, Rio Tinto launches START, 3 February 2021, https://www.riotinto.com/news/releases/2021/Rio-Tinto-launches-START-the-first-sustainability-label-for-aluminium-using-blockchain-technology.

371. Romco Metals, LME Launches Sustainability Register for Aluminium and Other Metals, https://romcometals.com/lme-launches-sustainability-register-for-aluminium-and-other-metals/.

372. S&P Global, Platts Low-Carbon and Zero-Carbon Aluminum, https://www.spglobal.com/commodityinsights/en/our-methodology/price-assessments/metals/low-carbon-and-zero-carbon-aluminum.

373. IAI, Global Aluminium Cycle 2021, https://alucycle.international-aluminium.org/public-access/.

374. Canada Government, Investment to Help Canada’s Aluminum Industry Eliminate its Carbon Footprint, 29 June 2021, https://www.canada.ca/en/innovation-science-economic-development/news/2021/06/investment-to-help-canadas-aluminum-industry-eliminate-its-carbon-footprint.html.

375. European Commission, EU Emissions Trading System (EU ETS), https://climate.ec.europa.eu/eu-action/eu-emissions-trading-system-eu-ets_en.

376. European Roundtable on Climate Change and Sustainable Transition (ERCST), The Aluminium Value Chain and Implications for CBAM Design, June 2021, https://ercst.org/wp-content/uploads/2021/08/The-aluminium-value-chain-and-implications-for-CBAM-design.pdf.

377. Reuters, Europe Adds Aluminium to its Critical Raw Materials List, 7 July 2023, https://www.reuters.com/markets/commodities/europe-adds-aluminium-its-critical-raw-materials-list-andy-home-2023-07-06/.

378. World Economic Forum, How China is decarbonizing the electricity supply for aluminium, 21 April 2022, https://www.weforum.org/agenda/2022/04/how-china-is-decarbonizing-the-electricity-supply-for-aluminium/.

379. ASI, ASI Performance Standard Version 3 recognised in the Green Building Council Australia’s Responsible Products Framework, 10 February 2023, https://aluminium-stewardship.org/asi-performance-standard-version-3-recognised-in-the-green-building-council-australias-responsible-products-framework.

380. Shanghai Metals Market, Guangxi Encourages Aluminium Smelters to Resume the Production through Financial Subsidy, 21 November 2022, https://news.metal.com/newscontent/102008369/guangxi-encourages-aluminium-smelters-to-resume-the-production-through-financial-subsidy.

381. MPP, Technical Appendix: Making Net-Zero Aluminium Possible, https://missionpossiblepartnership.org/wp-content/uploads/2023/03/MPP-Aluminium-Technical-Appendix.pdf.

382. Accenture analysis based on S&P Capital IQ data.

383. Ibid.

384. Ibid.

385. Stern NYU, WACC Data: Cost of Equity and Capital, January 2023, https://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/wacc.html.

386. ASI, 3 Top Banks Partner with RMI to Create the Aluminum Climate-Aligned Finance Working Group, 27 June 2022, https://aluminium-stewardship.org/3-top-banks-partner-with-rmi-to-create-the-aluminum-climate-aligned-finance-working-group.

387. Transition Pathway Initiative, Aluminium, https://www.transitionpathwayinitiative.org/sectors/aluminium.

388. Royal Society, Ammonia: Zero-Carbon Fertiliser, Fuel and Energy Story, February 2020, https://royalsociety.org/-/media/policy/projects/green-ammonia/green-ammonia-policy-briefing.pdf.

389. From data provided by BloombergNEF.

390. Accenture analysis.

391. IEA, Ammonia Technology Roadmap, https://iea.blob.core.windows.net/assets/6ee41bb9-8e81-4b64-8701-2acc064ff6e4/AmmoniaTechnologyRoadmap.pdf.

392. Accenture analysis based on IEA.

393. MPP, Making Net Zero Ammonia Possible, https://missionpossiblepartnership.org/wp-content/uploads/2022/09/Making-1.5-Aligned-Ammonia-possible.pdf.

394. IEA, Ammonia Technology Roadmap, https://iea.blob.core.windows.net/assets/6ee41bb9-8e81-4b64-8701-2acc064ff6e4/AmmoniaTechnologyRoadmap.pdf.

395. MPP, Making Net Zero Ammonia Possible, https://missionpossiblepartnership.org/wp-content/uploads/2022/09/Making-1.5-Aligned-Ammonia-possible.pdf.

396. Transition Pathway Initiative, Chemicals, https://www.transitionpathwayinitiative.org/sectors/chemicals.

397. Accenture analysis based on S&P Capital IQ data and Stern NYU WACC data.

398. MPP, Making Net Zero Ammonia Possible, https://missionpossiblepartnership.org/wp-content/uploads/2022/09/Making-1.5-Aligned-Ammonia-possible.pdf.

399. IEA, Chemicals, https://www.iea.org/energy-system/industry/chemicals.

400. IEA, The Future of Hydrogen Assumptions, December 2020, https://www.iea.org/reports/the-future-of-hydrogen/data-and-assumptions; https://iea.blob.core.windows.net/assets/29b027e5-fefc-47df-aed0-456b1bb38844/IEA-The-Future-of-Hydrogen-Assumptions-Annex_CORR.pdf.

401. IEA, Net Zero Roadmap: A Global Pathway to Keep the 1.5 °C Goal in Reach – 2023 Update, September 2023, https://www.iea.org/reports/net-zero-roadmap-a-global-pathway-to-keep-the-15-0c-goal-in-reach.

402. IEA, Ammonia Technology Roadmap, https://iea.blob.core.windows.net/assets/6ee41bb9-8e81-4b64-8701-2acc064ff6e4/AmmoniaTechnologyRoadmap.pdf.

403. Ibid.

404. MPP, Making Net Zero Ammonia Possible, https://missionpossiblepartnership.org/wp-content/uploads/2022/09/Making-1.5-Aligned-Ammonia-possible.pdf.

405. From data provided by BloombergNEF.

406. Ibid.

407. Thyssenkrup Industrial Solutions, Green Ammonia – Save Costs and CO2 by Using Renewable Energy, https://www.thyssenkrupp-uhde.com/power-to-x/en/green-ammonia.

408. From data provided by BloombergNEF.

409. MPP, Making Net Zero Ammonia Possible, https://missionpossiblepartnership.org/wp-content/uploads/2022/09/Making-1.5-Aligned-Ammonia-possible.pdf.

410. Accenture analysis based on IEA.

411. MPP, Making Net Zero Ammonia Possible, https://missionpossiblepartnership.org/wp-content/uploads/2022/09/Making-1.5-Aligned-Ammonia-possible.pdf.

412. American Public Power Association, America’s Electricity Generation Capacity: 2023 Update, May 2023, https://www.publicpower.org/system/files/documents/Americas_Electricity_Generating_Capacity_2023_Update.pdf.

413. Ibid.

414. ENGIE, Yuri Renewable Hydrogen to Ammonia Project, https://engie.com.au/yuri.

415. Accenture analysis.

416. Gnutzmann, Hinnerk and Piotr Spiewanowski, Fertilizer Fuels Food Prices: Identification Through the Oil-Gas Spread, 29 September 2016, https://ssrn.com/abstract=2808381.

417. Our World in Data, Share of Expenditure Spent on Food vs. Total Consumer Expenditure, 2021, https://ourworldindata.org/grapher/food-expenditure-share-gdp.

418. Aramco, First Accredited Low-Carbon Ammonia Shipment for Power Generation Dispatched from Saudi Arabia to Japan, 20 April 2023, https://www.aramco.com/en/news-media/news/2023/low-carbon-ammonia-shipment.

419. S&P Global, Platts Ammonia Forward Curve Assessments, 26 April 2022, https://www.spglobal.com/commodityinsights/en/about-commodityinsights/media-center/press-releases/2022/042622-sp-global-commodity-insights-launches-platts-ammonia-forward-curve-assessments.

420. European Council, Innovation Fund, https://cinea.ec.europa.eu/programmes/innovation-fund_en.

421. Hydrogen Insights, Hydrogen Windfall: EU Grants €3.6bn to Low-Carbon Tech Projects, More than Half of which are Dedicated to Green H2, 14 July 2023, https://www.hydrogeninsight.com/innovation/hydrogen-windfall-eu-grants-3-6bn-to-low-carbon-tech-projects-more-than-half-of-which-are-dedicated-to-green-h2/2-1-1486480.

422. European Commission, EU Emissions Trading System (EU ETS), https://climate.ec.europa.eu/eu-action/eu-emissions-trading-system-eu-ets_en.

423. European Council, EU Climate Action: Provisional Agreement Reached on Carbon Border Adjustment Mechanism (CBAM), 13 December 2022, https://www.consilium.europa.eu/en/press/press-releases/2022/12/13/eu-climate-action-provisional-agreement-reached-on-carbon-border-adjustment-mechanism-cbam/.

424. IEA, Production, Consumption and Trade of Ammonia in Selected Countries and Regions, 2020, https://www.iea.org/data-and-statistics/charts/production-consumption-and-trade-of-ammonia-in-selected-countries-and-regions-2020.

425. Energy.gov, Regional Clean Hydrogen Hubs, https://www.energy.gov/oced/regional-clean-hydrogen-hubs#:~:text=The%20Regional%20Clean%20Hydrogen%20Hubs,clean%20hydrogen%20hubs%20across%20America.

426. Ammonia Energy Association, India Launches its National Hydrogen Mission, 31 August 2021, https://www.ammoniaenergy.org/articles/india-launches-its-national-hydrogen-mission/.

427. Ammonia Energy Association, RePowerEU: Supporting the Full Switch of Existing Hydrogen Production to Renewables,1 June 2022, https://www.ammoniaenergy.org/articles/repowereu-supporting-the-full-switch-of-existing-hydrogen-productiom-to-renewables/.

428. ICCT, Can the Inflation Reduction Act Unlock a Green Hydrogen Economy?, 3 January 2023, https://theicct.org/ira-unlock-green-hydrogen-jan23/.

429. Accenture analysis based on S&P Capital IQ data.

430. MPP, Making Net Zero Ammonia Possible, https://missionpossiblepartnership.org/wp-content/uploads/2022/09/Making-1.5-Aligned-Ammonia-possible.pdf.

431. IEA, Ammonia Technology Roadmap, https://iea.blob.core.windows.net/assets/6ee41bb9-8e81-4b64-8701-2acc064ff6e4/AmmoniaTechnologyRoadmap.pdf.

432. Accenture analysis based on S&P Capital IQ data.

433. Stern NYU, WACC Data: Cost of Equity and Capital, January 2023, https://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/wacc.html.

434. NEOM, NEOM Green Hydrogen Company Completes Financial Close at a Total Investment Value Of USD 8.4 Billion in the World’s Largest Carbon-Free Green Hydrogen Plant, 22 May 2023, https://www.neom.com/en-us/newsroom/neom-green-hydrogen-investment.

435. Transition Pathway Initiative, Chemicals, https://www.transitionpathwayinitiative.org/sectors/chemicals.

436. IEA, World Energy Outlook, October 2022, https://www.iea.org/reports/world-energy-outlook-2022.

437. Accenture analysis based on: IEA, Emissions from Oil and Gas Operations in Zero Net Transitions, May 2023, https://www.iea.org/reports/emissions-from-oil-and-gas-operations-in-net-zero-transitions.

438. Accenture analysis based on: IEA, Spectrum of the well-to-tank emissions intensity of global oil production 2018 and 2019, https://www.iea.org/data-and-statistics/charts/spectrum-of-the-well-to-tank-emissions-intensity-of-global-oil-production-2019 ;https://www.iea.org/data-and-statistics/charts/spectrum-of-the-well-to-tank-emissions-intensity-of-global-gas-production-2018.

439. IEA, Key World Energy Statistics, September 2021, https://iea.blob.core.windows.net/assets/52f66a88-0b63-4ad2-94a5-29d36e864b82/KeyWorldEnergyStatistics2021.pdf.

440. Accenture analysis based on IEA, OECD and Global CCS Institute data.

441. Accenture analysis based on data from IEA and EIA.

442. Accenture analysis based on: IEA, Fossil Fuels, https://www.iea.org/energy-system/fossil-fuels.

443. Transition Pathway Initiative, Oil & Gas, https://www.transitionpathwayinitiative.org/sectors/oil-gas.

444. Accenture Analysis based on: DNV, https://www.dnv.com/cases/carbon-emission-reduction-roadmap-for-refineries-135592, Global CCS Institute, https://www.globalccsinstitute.com/archive/hub/publications/201688/global-ccs-cost-updatev4.pdf; IEA, https://www.iea.org/reports/emissions-from-oil-and-gas-operations-in-net-zero-transitions.

445. Accenture analysis based on: IEA, Emissions from Oil and Gas Operations in Zero Net Transitions, May 2023, https://www.iea.org/reports/emissions-from-oil-and-gas-operations-in-net-zero-transitions.

446. Accenture analysis based on: Oil Climate Index Plus Gas, 2023 Data Update – Comparing Total Emissions, https://ociplus.rmi.org/total-emissions.

447. Accenture analysis based on: IEA, Methane Abatement, https://www.iea.org/energy-system/fossil-fuels/methane-abatement.

448. Global Methane Pledge, About the Global Methane Pledge, https://www.globalmethanepledge.org/.

449. Accenture analysis based on: IEA, Gas Flaring, https://www.iea.org/energy-system/fossil-fuels/gas-flaring.

450. World Bank, Zero Routine Flaring by 2030, https://www.worldbank.org/en/programs/zero-routine-flaring-by-2030/endorsers.

451. Accenture analysis based on: IEA, Methane Abatement, https://www.iea.org/energy-system/fossil-fuels/methane-abatement.

452. Accenture analysis based on: IEA, Fossil Fuels, https://www.iea.org/energy-system/fossil-fuels.

453. Accenture analysis based on data provided Global CCS Institute.

454. Accenture analysis based on: DNV, Carbon Emission Reduction Roadmap for Refineries, https://www.dnv.com/cases/carbon-emission-reduction-roadmap-for-refineries-135592.

455. UNEP, UN Announces High-Tech, Satellite-based Global Methane Detection System, 11 November 2022, https://www.unep.org/news-and-stories/press-release/un-announces-high-tech-satellite-based-global-methane-detection.

456. Reuters, Exclusive: Exxon Halts Routine Gas Flaring in the Permian, Wants Others to Follow, January 2023, https://www.reuters.com/business/energy/exxon-halts-routine-gas-flaring-permian-wants-others-follow-2023-01-24/.

457. Hart Energy, Electrifying Permian bpx Energy Touts Emissions Reductions, 28 March 2023, https://www.hartenergy.com/ep/exclusives/electrifying-permian-bpx-energy-touts-emissions-reductions-basin-204578.

458. Saudi Aramco, Sustainability Report 2022, https://www.aramco.com/-/media/downloads/sustainability-report/report-2022/2022-sustainability-report-en.pdf.

459. TotalEnergies, Sustainability Report 2022, March 2022, https://totalenergies.com/sites/g/files/nytnzq121/files/documents/2022-05/Sustainability_Climate_2022_Progress_Report_accessible_version_EN.pdf.

460. Accenture analysis based on data from Global CCS Institute.

461. Accenture analysis based on data from IEA and EIA.

462. Accenture analysis based on data published by University of Wyoming, Georgia Institute of Technology.

463. Accenture analysis based on: Georgia Institute of Technology, Membrane Technology Could Cut Emissions and Energy Use in Oil Refining, 16 July 2020, https://www.sciencedaily.com/releases/2020/07/200716144736.htm.

464. IEA, Net Zero by 2050, May 2021, https://www.iea.org/reports/net-zero-by-2050.

465. Accenture analysis based on: IEA, CCUS Projects Explorer, 24 March 2023, https://www.iea.org/data-and-statistics/data-tools/ccus-projects-explorer.

466. Accenture analysis.

467. ExxonMobil, ExxonMobil Announces Acquisition of Denbury, 13 July 2023, https://corporate.exxonmobil.com/news/news-releases/2023/0713_exxonmobil-announces-acquisition-of-denbury.

468. Accenture analysis.

469. Accenture analysis based on data from IEA and EIA.

470. Accenture analysis based on data from bp Statistical Review 2022 and fossil fuel imports data from World Trade Organization.

471. S&P Global, Shell to Deliver First SAF from Rotterdam Plant from 2025, 4 May 2023, https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/agriculture/050323-shell-to-deliver-first-saf-from-rotterdam-plant-from-2025.

472. bp, Hertz, bp Collaborate to Accelerate EV Charging in North America, 27 September 2022, https://www.bp.com/en/global/corporate/news-and-insights/press-releases/hertz-bp-collaborate-to-accelerate-ev-charging-in-north-america.html.

473. Oil & Gas Methane Partnership, The Oil & Gas Methane Partnership 2.0, https://ogmpartnership.com/.

474. GRI, Universal Standards, https://www.globalreporting.org/standards/standards-development/universal-standards/.

475. Reuters, LNG Industry Body Sees First Carbon Neutral Cargo Delivery to Taiwan, 25 January 2023, https://www.reuters.com/business/energy/lng-industry-body-sees-first-carbon-neutral-cargo-delivery-taiwan-2023-01-25/.

476. IEA, Inflation Reduction Act, 8 November 2022, https://www.iea.org/policies/16317-inflation-reduction-act-2022-sec-60113-and-sec-50263-on-methane-emissions-reductions.

477. Bipartisan Policy Center, Inflation Reduction Act, 4 August 2022, https://bipartisanpolicy.org/blog/inflation-reduction-act-summary-energy-climate-provisions/.

478. IEA, Canada’s Methane Strategy, 10 February 2023, https://www.iea.org/policies/17015-faster-and-further-canadas-methane-strategy.

479. IEA, Emissions in Upstream Operations in Nigeria, 28 November 2022, https://www.iea.org/policies/16952-guidelines-for-management-of-fugitive-methane-and-greenhouse-gases-emissions-in-the-upstream-oil-and-gas-operations-in-nigeria.

480. IEA, Methane Abatement, https://www.iea.org/energy-system/fossil-fuels/methane-abatement.

481. CCA Coalition, National Methane Action Plans, 2022, https://www.ccacoalition.org/resources/national-methane-action-plans.

482. GEF, Colombia’s 2030 MRV Strategic Vision, https://www.thegef.org/sites/default/files/web-documents/10121_PIF.pdf.

483. IEA Policy Database, National Level MRV Mitigation Actions,15 February 2022, https://www.iea.org/policies/14772-resolution-1447-2018-monitoring-reporting-and-verification-system-for-mitigation-actions-at-the-national-level.

484. European Commission, EU Emissions Trading System (EU ETS), https://climate.ec.europa.eu/eu-action/eu-emissions-trading-system-eu-ets_en.

485. IEA, PACE: UAE-U.S. Clean Energy Strategic Partnership, 24 April 2023, https://www.iea.org/policies/17310-pace-uae-us-clean-energy-strategic-partnership.

486. IEA, Norway 2022 Energy Policy Review, https://iea.blob.core.windows.net/assets/de28c6a6-8240-41d9-9082-a5dd65d9f3eb/NORWAY2022.pdf.

487. Highnorth News, Norwegian Government Approves Electrification of Melkøya LNG Plant in Northern Norway, 9 August 2023, https://www.highnorthnews.com/en/norwegian-government-approves-electrification-melkoya-lng-plant-northern-norway.

488. GIIGNL, GIIGNL Releases MRV and GHG Neutral Framework, November 2021, https://giignl.org/giignl-releases-framework-for-transparent-emissions-reporting-and-neutrality-declarations/.

489. EPA, Methane Emissions Reduction Program, https://www.epa.gov/inflation-reduction-act/methane-emissions-reduction-program.

490. IEA, Inflation Reduction Act 2022: Sec. 60113 and Sec. 50263 on Methane Emissions Reductions, 2022, https://www.iea.org/policies/16317-inflation-reduction-act-2022-sec-60113-and-sec-50263-on-methane-emissions-reductions.

491. IEA, Emissions from Oil and Gas Operations in Net Zero Transitions, May 2023, https://iea.blob.core.windows.net/assets/2f65984e-73ee-40ba-a4d5-bb2e2c94cecb/EmissionsfromOilandGasOperationinNetZeroTransitions.pdf.

492. Accenture analysis based on: DNV, Carbon Emission Reduction Roadmap for Refineries, https://www.dnv.com/cases/carbon-emission-reduction-roadmap-for-refineries-135592; Lawrence, Irlam, Global CCS Institute, Global Costs of Carbon Capture and Storage, June 2017, https://www.globalccsinstitute.com/archive/hub/publications/201688/global-ccs-cost-updatev4.pdf; IEA, Emissions from Oil and Gas Operations in Net Zero Transition, May 2023, https://www.iea.org/reports/emissions-from-oil-and-gas-operations-in-net-zero-transitions.

493. Accenture analysis based on S&P Capital IQ data.

494. Stern NYU, WACC Data: Cost of Equity and Capital, January 2023, https://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/wacc.html.

495. Petrobras, Strategic Plan 2023-27, https://petrobras.com.br/quem-somos/estrategia?p_l_back_url=%2Fresultado-da-busca%3Fq%3Dstrategic%2Bplan%2B2023.

496. Transition Pathway Initiative, Oil & Gas, https://www.transitionpathwayinitiative.org/sectors/oil-gas.