Friday 20 May 2022

IEA – G7 can lead the world in cutting industry emissions

IEA – G7 can lead the world in cutting industry emissions

The G7 are in the strongest position to slash the carbon emissions generated by heavy industry.

That’s the claim in a new report by the International Energy Agency (IEA), stating that these nations have a responsibility to set a pathway that other nations can follow to clean-up their industry.

In total, the G7, which includes the UK, US, Canada, Japan and the EU, is responsible for 40% of the global economy, 30% of energy demand and 25% of energy system emissions.

The IEA reveals that heavy industry makes up more than one-sixth of overall worldwide carbon emissions from the energy system, equating to six billion tonnes every year.

Its expertise in technology, economic power and strength of international alliances is what makes the G7 the strongest group of nations to pave the way for developing countries to do the same, the IEA suggests.

Executive Director Fatih Birol comments: “Emissions from heavy industry are among the most stubborn, making it essential that countries with significant financial and technological resources use them to scale up practical solutions in a coordinated way.

“This new report sets out realistic and actionable steps for G7 members that can provide a catalyst for the global progress that is urgently needed.”

The report argues that net zero is impossible without changes to heavy industry, as it accounts for more than 15% of the world’s coal use and 10% of oil and gas use for G7 members.

The IEA is calling on the G7 to use carbon contracts for difference, bring in quotas for the amount of emissions being produced by heavy industry and adopt thresholds with near zero emissions.

A clear laid out pathway to achieving net zero for heavy industry by 2050 is being suggested.

Germany’s Federal Minister for Economic Affairs and Climate Action, Robert Habeck said this report “shows us pathways and advances our understanding of the tools and definitions we need.

“It brings us a big step further to jointly create an international economic and political environment that incentivises investments in green and low carbon production facilities. We want the G7 to be a pioneer in this process.”

Written by

Bruna Pinhoni

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