United for net zero: public private collaboration to accelerate industry decarbonization
The opportunity to cap global warming at 1.5°C is rapidly escaping. In this context, the need to accelerate the decarbonization of industry which represents 30% of global greenhouse gas (GHG) emissions has never been more critical. Yet the speed and the scale of emissions abatement are insufficient: we are currently witnessing an annual increase of 1.5% in emissions while a 7% reduction is required to follow the 1.5°C path and a continuous record of daily temperature anomalies. Although companies across various industries are increasingly addressing this challenge and adopting measures to calculate and reduce their carbon footprint, they still face fundamental barriers. What strategies can industrial companies use to make a strong case for net-zero goals while facing competitive pressures? How they can pinpoint key emissions sources without access to precise product-level carbon footprint data? What
are the best approaches to influencing supplier emissions and consumer product use? Finally, how can they accelerate and scale the net-zero technologies essential for decarbonization?
Challenges such as high upfront costs, technological limitations, regulatory uncertainty and fragmented constraints, lack of skilled workforce, insufficient infrastructure, limited access to financing and resistance to change underscore the need for public-private collaboration. Businesses need governments to provide the right conditions to fully realize large-scale changes. Meanwhile, governments need businesses to help shape the industrial policies that alleviate the barriers to faster progress. By working together, governments could provide tailored policy frameworks and incentives, while private companies could drive innovation and ensure implementation. Nevertheless, the way to operationalize this collaboration still needs to be outlined.
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