A new wave of country and industry partnerships has been launched to address the challenge of decarbonizing heavy industries and growing low-carbon markets. These partnerships aim to target high-emitting sectors such as steel, cement, and heavy transport, which account for approximately one-third of global emissions. The goal is to spur immediate progress and accelerate the transition to a net-zero emissions economy.
The partnerships involve collaborations between advanced and developing economies and focus on strengthening finance and technical support. They also include initiatives in the buildings and cement & concrete sectors. The First Movers Coalition, which represents private sector demand for emerging climate technologies, has seen significant growth and is expected to drive an annual demand of $15 billion for emerging climate technologies and achieve 29 million tonnes of annual emissions reductions by 2030.
However, recent data reveals that critical sectors are still falling behind in their efforts to rapidly accelerate towards net-zero emissions by 2050. The Mission Possible Partnership (MPP) has identified the need for 700 near-zero emission projects to be implemented by 2030 in order to put the industry on track for the 1.5°C target. The Breakthrough Agenda, an internationally-recognized process, is focusing on seven key sectors responsible for over 60% of global emissions.
The United Nations Climate Change High-Level Champions are driving climate action among non-State actors to achieve the goals of the Paris Agreement. Their efforts, along with the partnerships formed between countries and industries, are crucial in addressing the urgent need to decarbonize heavy industries and promote the growth of low-carbon markets.
Francesco La Camera, director-general of the International Renewable Energy Agency, and Bruce Douglas, CEO of the Global Renewables Alliance, argue that public-private cooperation is essential to accelerate decarbonization. They highlight the need for governments to invest in mature, cost-competitive renewable technologies and collaborate with the private sector to achieve the targets set at COP28, including tripling renewable power capacity to at least 11,000 gigawatts and doubling energy efficiency by 2030. The authors emphasize the importance of inclusivity and the participation of developing economies in these efforts. They call for reforms in the global financial architecture to reduce capital costs and attract private investors, and they highlight recent commitments by African leaders to increase the continent's renewable capacity. The authors conclude by urging governments and business leaders to work together to achieve a clean, secure, and just energy future. [7329109a] [d9d77ce1] [06e2dd40]