Generation Investment Management STR 2026

Electric cars get a jolt International Energy Agency, via the Wall Street Journal https://www.wsj.com/business/autos/war-is-helping-chinese-evs-upend-the-global-car-market-b1b7ea57

Fig. 19

Taking off International Energy Agency, Global EV Outlook 2026

Fig. 20

Getting rid of petrol cars International Energy Agency, Global EV Outlook 2026

Fig. 21

An epochal shift International Energy Agency, Electric Car Markets in a Time of Uncertainty

Fig. 22

Getting there International Energy Agency, Global EV Outlook 2026

Fig. 23

Lorries are shifting, too International Energy Agency, Global EV Outlook 2026

Fig. 24

Thirst for crude Energy Institute, Statistical Review of World Energy, 2026

Fig. 25

Getting around BloombergNEF, New Energy Outlook 2026

Fig. 26

More rails & tracks needed Systems Change Lab, State of Climate Action, 2025 Systems Change Lab, State of Climate Action 2025, based on ITDP data.

04 04 Buildings & Industry

Fig. 27

Pumping heat International Energy Agency

Fig. 28

Capturing emissions International Energy Agency, CCUS Projects Database 2026

Fig. 29

Making plastic PlasticsEurope

Fig. 30

Smarter energy use International Energy Agency

Fig. 31

05 05 People, Land & Food

Fig. 32

A chemical dependency Our World in Data

Fig. 33

World food prices Food and Agriculture Organisation of the United Nations

Fig. 34

A concentrated problem The State of Food Security and Nutrition in the World (SOFI)

Fig. 35

How we eat Food and Agriculture Organisation of the United Nations

Fig. 36

How we grow Food and Agriculture Organisation of the United Nations

Fig. 37

Costly fertiliser World Bank, Commodity Markets ‘Pink Sheet,’ monthly prices, urea, Middle East, spot, f.o.b.

Fig. 38

Losing forests World Resources Institute, Global Forest Review

Fig. 39

Feeling the burn World Resources Institute, Global Forest Review

06 06 Financing the Transition

Fig. 40

Pulling ahead IEA, World Energy Investment 2026

Fig. 41

Far to go International Energy Agency International Energy Agency, ‘World Energy Investment 2026’ (2025 estimates); ‘Net Zero Roadmap: A Global Pathway to Keep the 1.5 °C Goal in Reach: 2023 Update’ (clean-energy investment required); and ‘The Oil and Gas Industry in Net Zero Transitions’ (oil-and-gas investment required)

Fig. 42

Rebalancing needed International Energy Agency, World Energy Investment 2026; World Bank, Population data

Fig. 43

Waiting for power World Bank’s Global Electrification Database

07 07 Looking Ahead

Fig. 44

Overheating the world Generation analysis of figures from Project Drawdown and from the Intergovernmental Panel on Climate Change, Sixth Assessment Report, Chapter 5, ‘Global carbon and other biogeochemical cycles and feedbacks.’ 2021.

Fig. 45

Angry ocean Copernicus Climate Change Service, 2023, “ERA5 hourly data on single levels from 1940 to present,” Copernicus Climate Change Service Climate Data Store, DOI: 10.24381/cds.adbb2d47, accessed 8^th September 2026 Hersbach, H., Bell, B., Berrisford, P., Biavati, G., Horányi, A., Muñoz Sabater, J., Nicolas, J., Peubey, C., Radu, R., Rozum, I., Schepers, D., Simmons, A., Soci, C., Dee, D., Thépaut, J‑N. (2023): ERA5 hourly data on single levels from 1940 to present. Copernicus Climate Change Service (C3S) Climate Data Store (CDS), DOI: 10.24381/cds.adbb2d47

Fig. 46

El Niño in context NOAA OISST v2, analysed by Zeke Hausfather

Acknowledgements

This report was written by Justin Gillis, Jessica Marker and Zindzi Wiles, and edited by Al Gore, David Blood and Clara Barby. We thank Michael Golden, Michael Purton, Audrey Choi and Brad Hall for their close reading and advice. Elanor Harris copy-edited the project with an eagle eye.

The team at Applied Works UK, a London digital-design firm, did superb work on the report again this year. We especially thank Charlotte Mitchell, Radhita Jain, Marco Bernardi, Jakub Staniszewski, Valentina Santolini, Leon French, Joe Sharpe and Richard Males for their meticulous craftsmanship. Another London firm, Formative Content, oversaw the video work and the production of the social-media assets associated with this report. We thank Alex Martin, Sara Grossman, Emma Charlton, Tom Crowfoot and Dafne Villatoro de Anda in particular for their labours. We also thank their ace video team, Mike Sedgwick, Michael O’Halloran, Jeremy Porter and Lauren Jacobs.

We are especially grateful to the organisations on whose data repositories we drew heavily in preparing this report: the International Energy Agency, the Energy Institute, the Ember think tank, the Global Carbon Project, the US Energy Information Administration, the International Renewable Energy Agency and many others. As ever, we found the organisations Carbon Brief and Our World in Data to be invaluable sources of analysis and data. We are grateful to the Mission Possible Partnership and to two people there, Clara Eldridge and Sophie Meerstadt, for permission to use their excellent database of industrial-decarbonisation projects. We thank the climate scientist Zeke Hausfather for helping us to analyse El Niño temperature measurements and understand their implications. We also thank Jasper Verschuur of the Environmental Change Institute, University of Oxford, for sharing data related to the world’s maritime chokepoints.

We thank Lisa O’Meara of Lokate Design for helping us source and procure rights to many of the images in this report. We thank the photographer Finbarr O’Reilly for permission to use his superb pictures of hunger-stricken people in Somalia. For permission to use other photographs, we thank Andrea Wueest and Jeroen Matser of ABB E-Mobility and Hannes Wulf of BASF.

Important Information

This report has been prepared by Generation Investment Management LLP (“Generation”) for discussion purposes only and reflects the views of Generation as at September 2026. It is not to be reproduced or copied or made available to others without the consent of Generation. The information presented herein is based on Generation’s analysis of publicly available data, is intended to present a global perspective on different areas that Generation believes represent a sustainable economy and should not be construed as investment research, advice or the making of any recommendation. References to any companies must not be construed as a recommendation to buy securities of such companies. The jurisdictions and time periods presented herein may vary, as the data shown is what Generation used in its own assessment and believes to be the most complete view to support each identified area of sustainability and the associated trends. Historic estimates made throughout the report were extrapolated from cited research and based on previous trends and known current data. While the data is from sources Generation believes to be reliable, Generation makes no representation as to the completeness or accuracy of the data. Generation shall not be responsible for amending, correcting, or updating any information or opinions contained herein, and we accept no liability for loss arising from the use of the information presented herein.