Officials from several oil, power and industrial giants say in a new analysis that there’s a cost-effective path to “net-zero” emissions by 2060 from economic sectors that are tricky to decarbonize — like cement, steel, chemicals, heavy trucking, and shipping.
Why it matters: While clean power and passenger vehicle tech gets lots of attention, one huge challenge is economically wringing carbon out of what the report calls “harder to abate” areas that account for nearly a third of industrial and energy emissions.
“To date, many national strategies — as set out in Nationally Determined Contributions (NDCs) to the Paris agreement — focus little attention on these sectors,” the report states.
The big picture: The new report arrives weeks after a major UN-led scientific analysis concluded that to keep warming within 1.5ºC above pre-industrial levels, human-caused CO2 emissions must reach “net zero” by roughly mid-century.
Who they are: The Energy Transitions Commission is a 3-year-old body of executives and officials from roughly 30 entities, including…
Oil majors Shell and BP, and power companies including Engie and Vattenfall. Industrial heavyweights like building materials giant Saint-Gobain, the water and waste management firm Veolia, and the Indian conglomerate Dalmia Bharat.Finance sector players HSBC and the European Bank for Reconstruction