It reveals that interest in localising supply chains through industrial policy-making continues to grow, owing to the desire to capture more value and create jobs domestically, but also as a result of protectionist sentiments, which have become entangled in growing geopolitical and geoeconomic rivalries. The report also finds that public policies and private sector activities, together with civil society actions, must seek to balance environmental, economic and social sustainability. While markets can be helpful in driving technological change, the global common good is not their primary motivation; therefore, there are trade-offs between an energy transition path that is driven by the pursuit of shareholder profits and one that is inspired by a people- and planet-centric vision.