A new coalition to accelerate the decarbonisation of global industries, including heavy industry and transport, representing around 30% of global emissions, has been formed.
The Mission Possible Partnership – run by the World Economic Forum, Energy Transitions Commission, Rocky Mountain Institute and the We Mean Business Coalition – aims to accelerate several pathways for decarbonising heavy industry and transport to influence and enable industry transformation at speed and scale.
It brings together more than 400 companies, along with their customers, suppliers, bankers, shareholders and regulators, to forge net zero pathways and the actions necessary to achieve them.
The International Energy Agency (IEA) will be a strategic partner for the Partnership, central to engagement with governments and bringing to bear its expertise on modelling and technology roadmaps.
The Partnership will help more industries mobilise resources, align across a greater number of organisations and accelerate the Race to Zero, with the initiative helping carbon-intensive sectors reach their targets.
Christoph Wolff, Head of Mobility, World Economic Forum said: “The number of country commitments to net zero emissions targets by 2050 has grown during 2020 and is significant.
“Public private co-operation across the transport and heavy industry sectors is crucial for the next phrase of action. The launch of the Mission Possible Partnership at the Davos Agenda will accelerate these efforts in the run-up to COP26 in November.”
In late 2021, the Partnership will aim to showcase “net zero agreement breakthroughs” in shipping, aviation and steel and within three years, it plans to help companies complete climate action agreements in these sectors as well as trucking, chemicals, cement and aluminium.
Nigel Topping, UK High-Level Champion for COP26 said: “As we move into the decade of delivery, we must not only grow the number of actors committed to a resilient, zero carbon future, we must foster the radical collaboration needed to drive transformational change in every sector of the economy.
“To achieve these goals requires truly transformational change and demands leadership and action from across each sector. We are thrilled to be working hand in hand with the Mission Possible Partnership to drive this forward in seven of the heaviest emitting sectors of the economy.”