The Mission Possible Partnership (MPP) has attracted more than 200 industry leaders to support efforts to decarbonize some of the world's most challenging and carbon-intensive industries.
More than 60 companies have endorsed new plans presented at New York Climate Week for producing near-zero emissions materials - aluminium, ammonia and steel, increasing the number of endorsements for MPP's Sector Transition Strategies (STS) that include aviation, shipping and trucking to over 200.
Among the signatories are steelmakers Rio Tinto, ThyssenKrupp, Vale, ArcelorMittal, CSN, Liberty Steel, SSAB and Tata Steel. Other companies include aluminium manufacturers like EGA, Alcoa and Rio Tinto Aluminium, while ammonia producers CF Industries, BASF, SABIC and Yara, and renewable energy companies Ørsted, Iberdrola and ACWA Power. However, these three sectors combined contribute about 17% of global GHG emissions.
At World Economic Forum's Sustainable Development Impact Meetings at Climate Week, MPP presented two new STS reports for aluminium and ammonia, as well as an updated steel strategy. Among the participants were senior industrialists, government representatives, and financial industry representatives.
Matt Rogers, the CEO of MPP, said: "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 resources and technology available today. In this decade, the imperative is to act: we're working with industry, supply chains and finance to deliver the clear thinking and asset-by-asset plans to make net zero viable".
It is anticipated that each STS will be deployed by 2030, a date looming near for industry incumbents operating old-economy assets. In order to achieve the Paris Agreement's goal of limiting global warming to 1.5 degrees above pre-industrial levels by 2050, the reports detail specific requirements – with real-world milestones – for clean energy, new or retrofitted industrial plants, and policy reform.
Faustine Delasalle, the Vice-chairman of the Energy Transitions Commission (ETC), a founding partner of MPP, said: "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 targets and actions from companies in key value chains, as well as financial institutions and governments – and helps all of us to keep decision-makers accountable".
The aluminium industry plays a critical role in decarbonizing the world economy. It would cost up to $1 trillion for MPP's STS to reduce carbon emissions by 95% and mobilize clean power. By 2050, the sector will emit 37 gigatons of carbon, more than double the Paris-aligned carbon budget of 15 gigatons.
Abdulnasser Bin Kalban, the CEO of Emirates Global Aluminium (EGA), said: "Aluminum plays an essential role in decarbonisation economy-wide, but it also matters how aluminium is made. Decarbonising aluminium by 2050 requires rapid and proactive cooperation with other sectors, from developing more renewables to designing final products that are easily recyclable. The Mission Possible Partnership's roadmap will help us achieve this great task."
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