Press Release 11 November 2022
A group of leading international initiatives, organizations and climate leaders spanning the value chain on industrial decarbonization have come together to coordinate efforts to unlock and accelerate demonstration and commercial-scale projects in the sector by COP28 and to put it on a trajectory toward achieving net zero by 2050.
Industrial emissions account for 23% of total greenhouse gas emissions globally, making the decarbonization of this sector crucial for meeting 2050 net zero targets. Industrial assets require huge capital investments, have long operational lives and face growing demand for their products, especially in developing and emerging markets. This results in a high risk of locking in fossil fuel infrastructure that will jeopardize Paris goals.
However, the continuing demand for industrial products within emerging markets and developing countries represents an opportunity to foster local innovation, drive down costs and enable clean growth pathways to net zero. Collaboration and partnership will play a key role so that technical knowledge, lessons learned and best practice expertise can be shared and implemented.
These initiatives and organizations will work together to facilitate specific actions and low-carbon projects sending strong, positive signals to industry, the private sector, governments, policymakers, investors, and financiers that first-of-their kind and commercial-scale low-carbon projects can be realized.
The focus will be on utilizing each initiative and organization’s network to unlock demonstration and early commercial stage projects through targeted matchmaking, knowledge sharing, and commercial partnership building. By connecting and sharing information between the group, best practices can be highlighted and partnerships enabled that can enhance the speed of low-carbon project development to bring crucial first projects to fruition.
The Breakthrough Agenda Report, September 2022, recommended the importance of identifying and hastening globally significant priority demonstration projects for near-zero emission steel technologies. Aligning with this and other recommendations, these initiatives and organizations will collectively act to accelerate the rollout of demonstration and early commercial projects globally and systematically strengthen the international offer of assistance available to all countries, in particular emerging markets and developing countries for industrial decarbonization through coordinating, aggregating, and improving the accessibility and availability of technical assistance over time.
Find the full Statement on Coordinated Acceleration of Industrial Decarbonization Demonstrations and Commercial-scale Projects here.
About Mission Innovation
Mission Innovation is a global initiative to catalyse action and investment in research, development and demonstration to make clean energy affordable, attractive and accessible to all this decade. This will accelerate progress towards the Paris Agreement goals and pathways to net zero.
Mission Innovation brings together governments, public authorities, corporates, investors and academia to enable widely affordable clean energy globally and achieve the goals of the Paris Agreement.
Mission Innovation is the main political and action platform addressing clean energy innovation. Its members represent over 95% of global public investments in clean energy innovation and are committing to sustaining and, wherever possible, increasing their investment in clean energy innovation this decade.
The 24 members of Mission Innovation are: Austria, Australia, Brazil, Canada, Chile, China, Denmark, Finland, France, Germany, India, Italy, Japan, the Republic of Korea, Morocco, the Netherlands, Norway, Saudi Arabia, Spain, Sweden, the United Arab Emirates, the United Kingdom, the United States of America, and the European Commission (on behalf of the European Union).