slower pace than MvA, indicating improvements in energy efficiency. Moreover, the right-side panel illustrates a gradual, yet insufficient, shift towards cleaner energy sources, including a growing share of renewables and a declining reliance on coal and coal products. At the same time, there is evidence of an emerging, but incomplete, de- coupling between manufacturing activity and emissions. In a growing number of high- and middle-income economies, industrial emissions have started to decline even as output has continued to expand, driven by energy efficiency improvements, the increased reliance on low- carbon power generation, and structural shifts towards less carbon- intensive industries. However, current trajectories remain inconsistent The mining and utilities sectors have a key role to play, as they supply provide essential activities such as energy generation, waste manage- ment, and recycling, all of which are fundamental to environmental sustainability. Industrial policy is increasingly expected to accelerate resource effciency, while managing the distributional consequences of the transition, ensuring just outcomes for workers and regions that depend on emission- or material-intensive activities. At the same time, industrial strategies designed to support the emergence and