World Economic Forum calls for rapid industry decarbonisation to limit global warming

The World Economic Forum WEF on Thursday highlighted the need to fully understand the scope and scale of the challenge for the key industrial sectors and identifies a significant gap versus the pace of decarbonization necessary to achieve netzero goals to limit global warming to 15 degrees Celsius by 2050In the first edition of a report on the state of the netzero transition in key industrial sectors the NetZero Industry Tracker 2022 the WEF called for the urgency for industrial decarbonization that is reinforced by high energy prices and energy supply chain disruptionsThis initiative launched by the WEF in collaboration with Accenture establishes a common factbased understanding of the industrial sectors netzero transformation enabling crossindustry and multistakeholder collaborationThe report introduces a holistic framework for a 360degree perspective and standard metrics needed to measure progress as well as key recommendations for industrial firms policymakers consumers and other stakeholdersProgresstracking and transparency are essential to help industries determine the trajectory of their decarbonization maintain steady progress and inform necessary course corrections along the wayWhile there are efforts underway and climate commitments being made we currently lack a robust and comprehensive mechanism to understand the pace and direction of the progress of transformation of heavy industries which account for 30 per cent of global greenhouse gas emissions said Roberto Bocca head of Energy Materials and Infrastructure WEFSeveral industrial sectors and individual companies have set up targets with the aim of reaching netzero emissions We believe that bringing transparency to closing netzero gaps and reporting on this progress is critical to achieve these ambitious goalsAlso read Trends from 120year data indicate land use pattern influence degree of rainfall StudyThe report provides qualitative and quantitative measures to track the evolution of key enabling dimensions such as maturity of technology access to enabling infrastructure supporting policy frameworks demand for lowemission products and availability of capital for investments in lowemission assetsIt assesses the state of these enablers which need to advance simultaneously and highlights sectorspecific accelerators and priorities in five heavy industries steel cement aluminium ammonia and oil and gas which together generate 80 per cent of industrial emissions according to Accenture analysisThe report points out that over 2 trillion will be required to make lowemission industries a reality and that the first fullscale commercial projects still hold significant risks for companies to invest inEspen Mehlum head of Energy Materials and Infrastructure Programs for Benchmarking WEF said Investments in lowemission assets are riskier for companies due to their dependencies on new technologies and infrastructureCollaboration will be at the heart of making the enablers of policy fuel demand technology capital and infrastructure all pull in the same direction to accelerate progress towards climate goalsThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever