World Economic Forum calls for rapid decarbonization of industry to limit global warming

In the first edition of a report on the state of the transition to net zero in key industrial sectors, the Net-Zero Industry Tracker 2022, the WEF called for the urgency of price-enhanced industrial decarbonization energy surges and energy supply chain disruptions.

Representative image. Image/iStock

The World Economic Forum (WEF) on Thursday underscored the need to fully understand the scope and scale of the challenge for key industrial sectors and identified a significant gap in the pace of decarbonization needed to meet net zero targets in order to restrict warming up to 1.5 degrees Celsius by 2050.

This initiative, launched by the WEF in collaboration with Accenture, establishes a common and evidence-based understanding of the net zero transformation of the industrial sector, enabling cross-industry and multi-stakeholder collaboration.

The report presents a holistic framework for a 360-degree perspective and standard metrics needed to measure progress, along with key recommendations for industrial companies, policymakers, consumers and other stakeholders.

Tracking progress and transparency are key to helping industries chart their decarbonization trajectory, maintain steady progress, and inform necessary course corrections along the way.

“While efforts are underway and climate commitments are being made, we currently lack a robust and comprehensive mechanism to understand the pace and direction of progress in the transformation of heavy industries, which account for 30% of global carbon emissions. greenhouse gases,” Roberto said. Bocca, Head of Energy, Materials and Infrastructure, WEF.

“Several industry sectors and individual companies have set targets with the goal of achieving net zero emissions. We believe that bringing transparency to closing net zero gaps and reporting on this progress is essential to achieving these ambitious goals. “

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The report provides qualitative and quantitative metrics to track changes in key enabling dimensions such as technology maturity, access to enabling infrastructure, support Politics frameworks, the demand for low-emission products and the availability of capital for investments in low-emission assets.

It assesses the state of these enablers, which must advance simultaneously, and highlights sector-specific accelerators and priorities across five heavy industries – steel, cement, aluminum, ammonia, and oil and gas. gases, which together generate 80% of industrial emissions. , according to Accenture’s analysis.

The report points out that more than $2 trillion will be needed to make low-emission industries a reality and that the first large-scale commercial projects still carry significant risks in which companies can invest.

Espen Mehlum, Head of Energy, Materials and Infrastructure Programs for Benchmarking, WEF, said: “Investments in low-emission assets are riskier for companies due to their reliance on new technologies. and infrastructure.

“Collaboration will be at the heart of ensuring that the enablers of politics, fuel demand, technology, capital and infrastructure are all pulling in the same direction to accelerate progress towards climate Goals.”

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