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Acknowledgments

This report was prepared by the investment team in the Energy Supply and Investment Outlook (ESIO) Division of

the Directorate of Sustainability, Technology and Outlooks (STO). The report was designed and directed by Michael Waldron (lead on power sector; financing and funding). The principal authors and contributors were Simon Bennett (lead on end-use and efficiency; R&D and

new technologies; contributor to financing and funding), Alessandro Blasi (lead on fuel supply; contributor to financing and funding), Yoko Nobuoka (contributor to fuel supply, power sector and financing and funding), Pawel Olejarnik (contributor to modelling and data

across sectors) and Alberto Toril (contributor to power sector and financing and funding). Tim Gould, Head of Energy Supply and Investment Outlook Division, provided valuable guidance and input to the key findings. Eleni Tsoukala provided essential support.

The report benefitted from contributions from other experts within the IEA: Carlos Fernandez Alvarez (coal), Jessica Glicker and Joe Ritchie (energy efficiency investment and financing), Yasemin Aslan, Domenico Lattanzio and Glenn Sondak (R&D), and Tae-Yoon Kim

(refining and petrochemicals).

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The report is indebted to the high standard of data and input provided by the Energy Supply and Investment

Outlook Division (Christophe McGlade); the Energy Data Centre (Roberta Quadrelli); the Energy Demand Outlook Division (Laura Cozzi, Brent Wanner, Yasmine Arsalane, Stéphanie Bouckaert, Davide D’Ambrosio, Timothy Goodson ); the Energy Efficiency Division (Brian

Motherway, Brian Dean, Kathleen Gaffney, Sacha Scheffer); the Energy Environment Division (Samantha McCulloch, Sara Budinis); the Energy Technology Policy Division (Timur Guel, Pierpaolo Cazzola, John Dulac, Marine Gorner); and the the Renewable Energy Division

(Paolo Frankl, Heymi Bahar, Yasmina Abdelilah, Karolina Daskiewicz, Pharoah Le Feuvre, Tobias Rinke, Grecia Rodriguez).

The report also benefited from valuable inputs, comments and feedback from other experts within the

IEA and the OECD, including Neil Atkinson, Toril Bosoni, Peter Fraser, Cesar Alejandro Hernandez, Randi Kristiansen, Rui Luo, Nick Johnstone, Armin Mayer,

Jad Mouawad, Keisuke Sadamori, Alan Searl, Paul Simons, Laszlo Varro, Matt Wittenstein, Mechthild

Wörsdörfer and Robert Youngman.

Thanks also go to Jon Custer, Astrid Dumond, Chris Gully, Katie Lazaro, Jethro Mullen, Rob Stone (who designed the report format) and Therese Walsh of the Communications and Digital Office. Adam Majoe edited

the manuscript.

We would like to thank the following organisations that gave their time to answer questions and respond to surveys covering different parts of the energy investment value chain: ADNOC, Andritz, BHGE, BP,

CGN, Chevron, Enel, Engie, Eni, Equinor,, ExxonMobil, GE, Hess Corporation, Iberdrola, J Power, KfW, MHPS, NEOEN, Occidental Petroleum, Ørsted, Repsol, Saudi Aramco, Schlumberger, Shell and Siemens.

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Many experts from outside of the IEA provided input, commented on the underlying analytical work, and

reviewed the report. Their comments and suggestions were of great value. They include: