Industry leaders back zero-emission aluminum, ammonia and steel plan. More than 200 industry leaders have endorsed the Mission Possible Partnership’s (MPP) strategies to decarbonize some of the world’s most difficult-to-reduce carbon-intensive industries this decade.
The new plans published at Climate Week in New York for the production of near-zero emission materials (aluminum, ammonia and steel) were supported by 60 companies, bringing the number of endorsements for the Sector Transition Strategies (STS) published by MPP to more than 200.
The growing ambition of these large contractors is behind the positive changes that have increased concentration in a number of sectors, including steel companies such as ArcelorMittal, Companhia Siderúrgica Nacional (CSN), Liberty Steel, SSAB, Rio Tinto, Tata Steel and thyssenkrupp and Vale; aluminum producers Alcoa and Rio Tinto; renewable energy suppliers Ørsted Power and Iberdrola; and ACWA Power. These three sectors together contribute 17% of total global GHG emissions.
MPP, an alliance of leading organizations working to decarbonize hard-to-reduce industries presented two new STS reports for aluminum and ammonia, and an updated steel strategy, during the Sustainable Development Impact Meetings at Climate Week. Participants included high-level industrialists and representatives of governments and the financial industry, organized by the World Economic Forum.
Matt Rogers, CEO of MPP, noted, “These transition plans are operationally relevant and industry-backed, not wishful thinking or pie in the sky. We know how to reduce emissions, initially deploying the resources and technology available today. The imperative is to act now, in this decade: we are working with industry, supply chains and finance to deliver the clear thinking and asset-by-asset plans to make net zero viable.”
Each STS is based on the deployment of technologies available by 2030, a looming date for industry incumbents operating old economy assets. The reports detail specific requirements, with real economy milestones, for clean energy, new or retrofitted industrial plants, and policy reform to meet sectoral carbon budgets aligned with the Paris Agreement goal of curbing global warming to 1.5 degrees above pre-industrial levels by 2050.
For her part, Faustine Delasalle, Vice Chair of the Energy Transitions Commission (ETC), a founding partner of MPP, added: “The support for these strategies from more than 200 industry leaders sends a signal of hope: companies around the world are committed to investing at scale for a net-zero emissions economy. The data developed by ETC with MPP partners will inform the goals and actions of companies in key value chains, as well as financial institutions and governments, and help us all keep decision-makers accountable.”
In the steel sector, early progress on innovative projects and increasing primary steel supply close to zero are essential to stay within a Paris-aligned sectoral carbon budget. MPP estimates that commercialization of net-zero technologies would cost up to $200 billion per year, implying significantly higher demand for hydrogen, clean electricity and natural gas, but a marked decrease in coal consumption.
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