COP28 Presidency, United Nations Climate Change, and Bloomberg Philanthropies Launch New Industrial Transition Accelerator for Heavy-Emitting Industries | Bloomberg Philanthropies
COP28 Presidency, United Nations Climate Change, and ... Bloomberg Philanthropies
Backed by $30M from Bloomberg Philanthropies and the COP28 Presidency, the Industrial Transition Accelerator (ITA) Launches to Drive Decarbonisation Across Heavy-Emitting Sectors
Dubai, U.A.E. – Today, COP28 President Dr. Sultan Al Jaber, UN Climate Change Executive Secretary Simon Stiell, UN Secretary-General’s Special Envoy on Climate Ambition and Solutions Michael R. Bloomberg, and UN Secretary-General’s Special Envoy on Climate Action and Finance Mark Carney launched the Industrial Transition Accelerator (ITA), to catalyse decarbonisation across heavy-emitting sectors, including energy, industry, and transportation, and accelerate the delivery of Paris-aligned targets. The ITA Secretariat, which will be hosted by the Mission Possible Partnership (MPP), brings global industry leaders together with policymakers, finance, and technical experts to unlock investment and rapidly scale implementation and delivery of projects needed to cut emissions, consistent with credible 2030 1.5°C pathway targets as determined by the International Energy Agency (IEA).
The Global Decarbonization Accelerator
The ITA is one component of the Global Decarbonization Accelerator (GDA), a series of landmark initiatives designed to speed up the energy transition and drastically reduce global emissions.
Quotes from Key Figures
COP28 President Dr. Al Jaber said: “Today we welcome a historic new era of energy action. We have presented solutions to drive a full scale and full speed transition of the global energy system, and I welcome all efforts and collaboration that will drive deep emissions cuts and improved efficiencies. Today’s historic announcement, across the entire energy ecosystem is something to be welcomed and celebrated, but we must recognise this is a first step towards a transformation that we all require.”
Michael R. Bloomberg, UN Special Envoy on Climate Ambition and Solutions and founder of Bloomberg LP and Bloomberg Philanthropies, said: “Reducing emissions from heavy emitting sectors like industry and transportation is one of the biggest obstacles we face in tackling climate change. This new partnership will bring together industry leaders, financial institutions, policymakers, and technical experts. Together, the coalition will work to help companies cut carbon emissions and develop public policies that incentivize those cuts – and to do so in ways that will help industries continue to grow and raise living standards around the world.”
Mark Carney, UN Secretary-General’s Special Envoy on Climate Action and GFANZ Co-Chair, said: “The rapid decarbonization of heavy-emitting industries is essential if we are to remain within our global carbon budget. These industries are currently in transition traps. They know what they need to do but struggle to get the investment they need to meaningfully cut emissions. The Industrial Transition Accelerator will go where the emissions are and drive decarbonisation in heavy-emitting industries by bringing new technologies to maturity, dismantling regulatory barriers and boosting the demand for sustainable products.”
Simon Stiell, Executive Secretary of the United Nations Framework Convention on Climate Change (UNFCCC), said: “The ITA represents a strategic convergence of policy, finance, technology, and collaborative efforts, to make significant strides in various sectors including heavy industry, energy, and transport to keep 1.5°C within reach. From the UNFCCC perspective, a key aspect of ITA is the policy connection. This initiative can play a crucial role by annually feeding back the progress and challenges faced across industries, to the COP process.”
Focus Areas and Goals
The ITA will focus on decarbonisation solutions across industry, transport and energy, focusing on sub-sectors that generate a third of global emissions, including steel, aluminium, cement, chemicals, shipping, aviation and parts of the energy supply chain. Without rapid action, carbon emissions from these sectors alone are likely to increase by more than 30% by 2050 – making it impossible for the world to meet the goals of the Paris Agreement. Given the interconnections between heavy-emitting sectors, slow progress in one sector delays action in another.
Dr. Fatih Birol, Executive Director of the IEA, said: “Accelerating the clean energy transition in sectors where emissions are hard to reduce, such as heavy industry and long-distance transport, requires collaboration among many stakeholders. Stepping up efforts by businesses and financial institutions is particularly important at this critical time to ensure that projects currently underway reach final investment decisions as soon as possible. I welcome the objective and efforts of the Industrial Transition Accelerator to catalyse collaboration in this regard.”
Francesco La Camera, Director-General at IRENA, said: “Keeping the 1.5°C target alive requires all hands on deck. IRENA’s World Energy Transitions Outlook calls for radical action to overcome the deeply entrenched barriers across grid and physical infrastructure, legal and policies, institutional capacity and skilled workforce stemming from the systems and structures created for the fossil-fuel era. Hard-to-decarbonise industry sectors require a range of solutions to become aligned with the 1.5°C target. Through our global membership, we at IRENA will contribute to the ITA goals by leveraging international collaboration in technology transfer and investments prioritizing the industrial decarbonisation in developing countries.”
Faustine Delasalle, Chief Executive Officer of the Mission Possible Partnership and Executive Director of the ITA Secretariat said: “We have clarity on what we need to do and where we need to be by 2030 to decarbonise the heavy emitting sectors in line with the Paris Agreement. But time is not on our side, and the pipeline of necessary near-zero projects is falling short because industry can’t do it alone. The ITA gives us the breadth and scale to create a flywheel of collaboration that can create the exponential change that we need. I am thrilled to see the COP28 Presidency and UN prioritising this challenge and delighted that MPP is hosting the secretariat.”
Partnerships and Collaboration
The ITA will be driven by leading companies and sector initiatives, working in partnership with leaders from the real economy, financial sector, technical experts, and the policymaking community. To demonstrate this support, companies participating in the ITA’s work agree to:
- Set out a Paris-aligned net-zero target
- Develop a net-zero transition plan to achieve this target, ideally within two years, utilising a credible third-party framework and including a Paris-aligned 2030 interim target
- Demonstrate acceleration of decarbonisation efforts, through capital expenditure and technology deployment plans
- Disclose on emissions
SDGs, Targets, and Indicators in the Article
1. Which SDGs are addressed or connected to the issues highlighted in the article?
- SDG 7: Affordable and Clean Energy
- SDG 9: Industry, Innovation, and Infrastructure
- SDG 11: Sustainable Cities and Communities
- SDG 13: Climate Action
- SDG 17: Partnerships for the Goals
2. What specific targets under those SDGs can be identified based on the article’s content?
- SDG 7.2: Increase the share of renewable energy in the global energy mix.
- SDG 9.4: Upgrade infrastructure and retrofit industries to make them sustainable.
- SDG 11.6: Reduce the environmental impact of cities.
- SDG 13.2: Integrate climate change measures into national policies, strategies, and planning.
- SDG 17.16: Enhance the global partnership for sustainable development.
3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?
Yes, the following indicators can be used to measure progress towards the identified targets:
- Share of renewable energy in the global energy mix
- Investment in sustainable infrastructure and industries
- Reduction in carbon emissions from heavy-emitting sectors
- Increase in the use of green technologies (e.g., green hydrogen, CCUS, sustainable fuels, long-duration energy storage)
- Number of approved decarbonization projects that secure investment approval
Table: SDGs, Targets, and Indicators
SDGs Targets Indicators SDG 7: Affordable and Clean Energy 7.2: Increase the share of renewable energy in the global energy mix. Share of renewable energy in the global energy mix SDG 9: Industry, Innovation, and Infrastructure 9.4: Upgrade infrastructure and retrofit industries to make them sustainable. Investment in sustainable infrastructure and industries SDG 11: Sustainable Cities and Communities 11.6: Reduce the environmental impact of cities. Reduction in carbon emissions from heavy-emitting sectors SDG 13: Climate Action 13.2: Integrate climate change measures into national policies, strategies, and planning. Increase in the use of green technologies (e.g., green hydrogen, CCUS, sustainable fuels, long-duration energy storage) SDG 17: Partnerships for the Goals 17.16: Enhance the global partnership for sustainable development. Number of approved decarbonization projects that secure investment approval
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