Key sectors particularly in the production, energy and transport sectors, must invest $13.5 trillion to become more sustainable and carbon-neutral future by 2050, the World Economic Forum said in a new report.
The second edition of the Net-Zero Industry Tracker 2023, which is published in collaboration with Accenture, highlighted the progress towards net-zero emissions for eight industries: steel, cement, aluminum, ammonia, excluding other chemicals, oil and gas, aviation, shipping and trucking.
“Decarbonising these industrial and transport sectors, which emit 40% of global greenhouse gas emissions today, is essential to achieving net zero, especially as demand for industrial products and transport services will continue to be strong,” said Roberto Bocca, Head of Centre for Energy and Materials, World Economic Forum.
“It is encouraging that many businesses have made significant progress towards their 2050 net-zero goals. Yet most of that momentum is seen in companies with easily abatable emissions, substantial financial resources to invest in decarbonization, public accountability or those operating in advanced economies with supportive policies,” Bocca wrote.
The report published days before COP28 and after the United Nations called at COP28 for “dramatic climate action” to close an “emissions canyon”, outlining pathways to accelerate the decarbonisation of emission-intensive production, energy and transport industries.
WEF said that furtner investment is needed to build a clean-energy infrastructure, highlighting the importance for creating a “robust” enabling environemnt, including low-emissions technologies, infrastructure, demand for green products, policies and investments.
Investments in clean power, clean hydrogen and infrastructure for carbon capture, utilisation and storage (CCUS) is emphasised as important components to accelerate the energy transition.
