Mission Possible Partnership reveals how three of the most carbon-intensive industries can achieve net zero by 2050 and reduce their emissions over the next decade
LONDON, October 13, 2021 / PRNewswire / – Companies in the steel, aviation and shipping industries mobilize multibillion-dollar plans that allow their respective industries to reach net zero by 2050 and significantly reduce their broadcasts over the next decade as part of the Contingent Partnership mission.
Ahead of COP26, the Mission Possible Partnership (MPP), an organization dedicated to decarbonizing seven of the hardest-to-cut industries, publishes plans and estimated costs of reducing carbon emissions for three sectors – steel, shipping and aviation – often ignored in national plans known as Nationally Determined Contributions which form the basis of negotiations at the COP.
Together, the three industries affected by these initial plans emit nearly 6 Gt of carbon dioxide per year into the global atmosphere and are absolutely essential in limiting global warming to 1.5 Â° C.
In less than two years, the MPP has brought together more than 300 business leaders from the seven hardest-to-cut industries, along with their suppliers, customers and financial institutions to develop clear pathways to net zero in their value chains and start to take the first steps on this path. Participants include ArcelorMittal, Volvo, DHL, United Airlines, Delta Air Lines, KLM Royal Dutch Airlines, Rio Tinto, JSW Group, BASF, Heidelberg Cement, Dalmia Cement, Bank of America, HSBC, Credit Suisse, UBS, Maersk, Wan Hai Lines and Steel tata.
Make the impossible possible:
The costs of decarbonizing the steel, shipping and aviation sectors and details on how these industries will reduce carbon emissions to zero are based on historical science with clear milestones and metrics to monitor. progress. The plans also provide policymakers with a guide to regulations and investments.
Chad Holidays, MPP Co-Chair said, âThe kind of change we’re talking about to bring these industries to net zero is unprecedented. The climate emergency is a fight for our lives. The good news is that we now know more about how to keep the planet below 1.5 degrees and have shown that radical collaboration is possible, even between competitors, despite a global pandemic. MPP’s sector transition strategies provide the map to guide businesses, financial institutions and governments in the years to come.
Commenting on the launch of the MPP sector transition strategy for steel, Aditya Mittal, CEO of ArcelorMittal, said: zero. The most important message is that we can only realize the potential of the sector with the support and engagement of the entire supply chain as well as policy makers and the financial sector. I believe this sector transition strategy can be an important catalyst in harnessing the power of a multi-stakeholder approach and enabling the steel sector to reach its full decarbonization potential and make a significant contribution to the net zero goal of 2050. “
A second wave of announcements slated for 2022 will establish industry-backed carbon reduction pathways for the cement, aluminum, trucking and chemical industries which today receives a major boost with the announcement of The Low Carbon Emitting Technologies (LCET) initiative supported by 10 major chemical companies and supported by the MPP.
Set the tone for COP26. Besides industry, the financial sector is also starting to take up the challenge. The MPP works to unlock investments in low-carbon solutions in industry and mobility by working with RMI’s Climate Aligned Finance Center to develop climate-aligned finance agreements for institutions. across the seven sectors of the MPP, with a current focus on the steel sector, and with the World Economic Forum’s Transition Finance Initiative to develop breakthrough financing models and risk reduction solutions .
Faustine Delasalle, MPP Co-Executive Director, says: âWhen industry and finance leaders come together and strategically align to decarbonize an industry, it builds confidence and emboldens decision makers. MPP sector transition strategies provide a clear plan of attack to bring down We must now turn to the implementation of this plan. But policymakers must do their part to spur investment on a larger scale and at a faster pace.
Focusing on sectors often overlooked in country-level determined contributions, the MPP also sets the tone at the COP by calling on policymakers to recognize the critical importance of massive investments in clean energy supply and policies. industries such as carbon pricing as well as the need for a bolder international policy. International Civil Aviation Organization (ICAO) agreements for aviation and the International Maritime Organization (IMO) for maritime transport.
Anthony hobleyMPP Co-Executive Director says: âDespite the pandemic, there is unprecedented momentum and willingness to work together to accelerate decarbonization in the most energy-intensive sectors of the economy. With COP26 Around the corner, the engaged community of business leaders that MPP and its partners bring together are a powerful demonstration that businesses don’t wait for governments to act, they need political support to be successful. “
Marking the first stages of a three-decade journey: key sectoral actions made possible by the Mission Possible partnership include:
STEEL: Supported by some of the main global players in the steel industry, including ArcelorMittal, Rio Tinto, Steel tata, Thyssenkrupp Steel Europe, Liberty Steel Group and SSAB, the MPPs Net-Zero Steel Initiative launches a sector transition strategy that defines what it will take for the steel sector to reach net-zero by 2050. The strategy details the importance of progressing to avoid 1.3 Gt of cumulative CO2 emissions and reduce annual emissions by 37% by 2030 on the path to net zero by 2050. The trajectory will have major implications for the system energy, where the demand for electricity could increase by 11 to 13 times and where the demand for metallurgical coal would fall by 80 to 90%. Annual investment of approximately $ 6 billion would be needed until 2050 to bring the global steel asset base to net zero.
AVIATION: With the support of 30 aviation leaders, including United Airlines, Delta Air Lines, Virgin Atlantic Airways, KLM Royal Dutch Airlines, Airbus and Royal Schiphol Group, Mckinsey & Company and Deutsche Post DHL Group, MPP launches with Clean Skies for Tomorrow Coalition, a sectoral transition strategy for the aviation industry. This defines what it will take for global aviation to reach net zero emissions by 2050, including a complete phase-out of fossil jet fuel. The strategy focuses on the need to increase the use of sustainable aviation fuels (SAFs) as well as new hydrogen powered and battery electric aircraft. It also includes details of the recommended annual investment of 300 billion dollars, mainly in the fuel supply chain, necessary for the implementation of decarbonisation plans for the sector.
SHIPPING: This fall, more than 150 industry leaders including AP Moller – Maersk, Trafigura, Ports de Antwerp and Rotterdam, Yara, Euronav, GasLog, Hapag-Lloyd, Cargill and the Synergy Marine Group, brought together by the Getting to Zero coalition supported by the MPP, a partnership between Friends of Ocean Action, the World Economic Forum and the World Maritime Forum have announced their commitment to decarbonize international shipping by 2050. Moving forward to develop the technologies and business models needed by 2030, while urging governments to work with industry to unlock scale-up clean solutions. Analysis released today reveals that this will require 2,000 billion dollars in investments in scalable production of zero emission fuels and zero emission vessels over the next 30 years.
CHEMICAL PRODUCTS : Today, 10 leading chemical companies and the World Economic Forum are building a revolutionary platform designed to accelerate low-carbon technologies. The LCET initiative supported by MPP will enable the sharing of start-up risks and co-investments in the development and scale-up of low-carbon technologies. LCET members include Air Liquide, BASF, Clariant, Covestro, Dow, Mitsubishi Chemical Corp, Royal DSM, SIBUR and Solvay.
Notes to Editors:
Other announcements, notably for concrete, aluminum and trucking, will follow soon.
The partnership possible mission
The MPP brings together over 300 of the most influential global leaders in industrial decarbonization, finance, policy and business to trigger system change in the world’s most carbon-intensive industries. The MPP and its key partners, the Energy Transitions Commission, RMI, WeMeanBusiness Coalition and the World Economic Forum are focusing on seven hard-to-cut sectors – shipping, aviation, trucking, cement, steel, l aluminum and chemicals. These industries are collectively responsible for 30% of GHG emissions worldwide
Our net zero industry platforms are leveraging growing momentum, investor pressure and consumer expectations to develop pathways towards the Paris Agreement. Developed for industries by industries, their customers, suppliers and funders. Ambitious sectors allowing ambitious actions to boost industrial decarbonation. http://missionpossiblepartnership.org
SOURCE Mission Possible Partnership (MPP)