Overview 5

Supply 22

Overview 23

Oil, natural gas and coal 27

Critical minerals 43

Low-emissions fuels 50

Implications 61

Power 65

Overview 66

Generation 71

Battery storage 88

Grids 94

Implications 100

Demand and electrification 103

Overview 104

Buildings 108

Transport 117

Industry 125

Implications 130

R&D and clean technology manufacturing 134

Overview 135

Public energy R&D spending 138

Private R&D spending by corporate and venture capital investors 144

Manufacturing and supply chain investments 157

Implications 162

Finance 164

Overview 165

Public finance 176

Private finance 181

Implications 195

Regional insights 200

Methodology 244

Annexes 253