DUBAI - The 28th Conference of the Parties (COP28) is a unique opportunity to promote efforts aimed at reducing industrial sector emissions. The Conference also represents a great moment to get the industrial sector on track to achieve net-zero emissions by 2050.
The Conference witnessed several initiatives and discussions aimed at unifying efforts and driving the industrial sector to achieve the goals set for climate neutrality in 2050.
One of the discussions was a session that discussed accelerating the process of decarbonising the industry through cooperation and adopting solutions that would reduce energy use in general or transition to renewable energy.
The conference also saw the signing of a charter by many of the world's leading companies to accelerate climate action in the industrial sector.
The conference also included initiatives to reduce emissions in the sector. The UAE announced the launch of the Industrial Decarbonisation Roadmap at COP28.
The roadmap aims to reduce industrial carbon emissions by 2.9 gigatonnes cumulatively until 2050. It is mainly focused on manufacturing and hard-to-abate sectors, including cement, iron, steel and aluminium.
However, despite the fact that the industrial sector is responsible for a significant portion of global emissions, McKinsey & Company said that the move towards decarbonising this sector could open up an opportunity for companies as capital and customer demand shift toward a low-carbon economy.
According to the International Energy Agency (IEA), the industrial sectors were responsible for nine gigatonnes (Gt) of direct CO2 emissions in 2022, accounting for a quarter of total energy system CO2 emissions, including energy-related and industrial process emissions.
According to IEA, modest improvements have already been achieved, but progress is happening very slowly. Stronger government policies are needed to stay on track to achieve the IEA's Net Zero Emissions by 2050 Scenario.