Mission Possible Partnership Unveils How Three of the Most Carbon Intensive Industries can Reach Net Zero by 2050 and Cut Emissions in the Next Decade
LONDON, Oct. 13, 2021 /PRNewswire/ -- Companies from the steel, aviation and shipping industries are mobilizing multi-trillion dollar plans that provide a path for their respective sectors to reach net zero by 2050 and to make significant emissions reductions within the next decade as part of the Mission Possible Partnership.
Ahead of COP26, the Mission Possible Partnership (MPP), an organization dedicated to decarbonizing seven of the hardest to abate industries, is releasing plans and the estimated costs of slashing carbon emissions for three sectors – steel, shipping and aviation – often ignored in national plans known as Nationally Determined Contributions that form the basis of negotiations at COP.
Together, the three industries addressed in these initial plans emit close to 6 Gt of carbon dioxide per year in the global atmosphere, and are absolutely critical to limiting global warming to 1.5 degrees C.
In less than two years, MPP has convened more than 300 corporate leaders from the seven harder-to-abate sectors, along with their suppliers, customers and financial institutions to develop clear paths to net zero across their value chains and start taking the first steps on that path. Among the participants are ArcelorMittal, Volvo, DHL, United Airlines, Delta Air Lines, KLM Royal Dutch Airlines, Rio Tinto, JSW Group, BASF, Heidelberg Cement, Dalmia Cement, Bank of America, HSBC, Credit Suisse, UBS, Maersk, Wan Hai Lines and Tata Steel.
Making the Impossible Possible:
The costs of decarbonizing the steel, shipping and aviation sectors and the details on how exactly these industries will drive carbon emissions to zero are based on landmark science with clear milestones and metrics to monitor progress. The plans also offer policymakers a guide for regulations and investment.
Chad Holliday, Co-Chair at MPP said: "The kind of change we are talking about to get these industries to net zero is unprecedented. The climate emergency is a fight for our lives. The good news is that we now know more on how to keep the planet below 1.5 degrees and have shown radical collaboration is possible, even among competitors, despite a global pandemic. MPP's Sector Transition Strategies provide the map to guide corporates, financial institutions and governments in the years to come."