Steel, concrete, shipping and heavy industry giants across the most greenhouse gas emitting sectors have partnered in an agreement to decarbonize altogether their operations by 2050; the coalition which congregates more than 400 companies is called Mission Possible Partnership.
The agreement was announced in the Davos World Economic Forum this Wednesday; includes heavy industry giants like Arcelor Mittal, Maersk, Shell, and other behemoth companies of their sectors.
Deal is aimed to further expand net-zero goals across the industry sectors within a common framework.
Seven global industry sectors are represented in the accord, steel, cement, chemicals, aluminum, shipping, aviation, and long-haul transportation; together they account for nearly a third of the world’s total greenhouse gas emissions.
The agreement sets a floor for those companies to work together on the creation of an agenda to tackle climate change with agreements by 2024, to achieve net-zero by 2050.
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Heavy industry to integrate its supply chain to decarbonize faster
In one case, airlines like Airbus, KLM, airports like Heathrow and fuel developers like Shell will work together to bring sustainable solutions like biofuels across their value chain.
Quoted by Reuters, Maria Mendiluce, CEO of the We Mean Business climate coalition, said. “It’s not only about corporations making a climate commitment; but bringing the whole supply chain together so the sectors have an incentive to decarbonize and work faster to reduce their emissions.”
Along with the Energy Transitions Commission, the Rocky Mountain Institute and the World Economic Forum, We Mean Business is co-organizing the partnership. One of the partnership’s goal is to create momentum for further dialogue during the next international climate talks in Glasgow, in November.
Starting from Joe Biden’s promise to re-join the Paris Climate Agreement, and to boost the climate change agenda, these international negotiations are expected to grow and to create a pact former president Donald Trump rejected.