New MPP tracker reveals heavy industry transition has started but needs to accelerate sevenfold to meet 2030 climate targets

• Tracker maps announcements, investment decisions and operations of net-zero-aligned projects across critical industrial sectors globally.
• The pipeline is growing, but rapid acceleration is needed as almost 600 decarbonised plants must break ground in the coming years to meet 2030 net-zero targets.
• MPP urges collective action by governments, companies, and financial institutions to unlock investment barriers and fast-track progress.

LONDON, April 16, 2024 /PRNewswire/ -- Mission Possible Partnership (MPP) launches its Global Project Tracker today, shedding new light on the state of transition in seven heavy industry and transport sectors, which account for 30% of global carbon emissions.  It reveals a growing pipeline of net-zero-aligned projects across the 'harder-to-abate' sectors. However, it warns that rapid acceleration is needed to bring almost 600 decarbonised plants under construction in the coming years to meet deployment goals for a 1.5^oC aligned trajectory.

 

 

The Tracker shows that 68 commercial-scale net-zero-aligned plants are currently operational, and 42 are at Final Investment Decision (FID). More than 700 must be up and running by 2030, according to MPP's industry-backed milestones for decarbonising key sectors in line with the Paris-aligned ambition. To meet these deadlines, FID must be reached within three years to enable construction this decade. Bridging the current gap and scaling near-zero solutions adequately requires an almost seven-fold increase in the number of plants that have achieved FID to date.

The encouraging news is that companies have issued a wave of project announcements in the past 12 months, indicating growing industry ambition and a shift towards more favourable conditions emerging in some locations. Plans to build 473 commercial-scale decarbonisation plants are identified on the Tracker, which, if brought to FID, would reduce the gap by 80%.

However, MPP analysis indicates that many projects struggle to get from announcement to FID, meaning the current pace of progress is too slow. Various economic and policy barriers can be identified that stall projects. 595 plants must be brought to FID across aluminium, cement, chemicals, steel, aviation, and shipping within three years to meet 2030 deployment goals. The trucking target measures zero-emission trucks on the road, and millions more need to be operational this decade.