From Blueprint to Reality: A Stronger Business Case for Shared Energy Infrastructure

Foreword 3

Executive summary 4

1 Introduction: clusters as engines of industrial transformation 5

1.1 The state of play for industrial transformation 6

1.2 Making the case for low-carbon industrial clusters 7

1.3 Report scope and methodology 11

2 Cluster approach: multiple benefits for low-carbon projects 12

2.1 What we can learn from select low-carbon clusters 13

2.2 Financing benefits of low-carbon clusters 14

2.3 Four considerations determine project investability 16

3 Viable pathways for heavy industry’s transition through industrial clusters 18

3.1 Government-enabled financing 18

3.2 Public capital-led financing 26

3.3 Single developer-led financing 34

4 Conclusion and way forward 35

4.1 Drivers of success 35

Appendix 37

Contributors 41

Endnotes 43