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Thursday, October 14, 2021 

Companies from the shipping industry are joining with counterparts in the steel and aviation sectors to mobilise multi-trillion dollar plans that provide a path for their respective sectors - regarded as three of the hardest industries to abate - to reach net zero by 2050 and to make significant emissions reductions within the next decade as part of the Mission Possible Partnership.

Ahead of COP26, the Mission Possible Partnership (MPP) is releasing plans and the estimated costs of slashing carbon emissions for  these three sectors, often ignored in national plans known as Nationally Determined Contributions that form the basis of negotiations at  Together, the three industries emit close to 6Gt/yr of CO2, and are absolutely critical to limiting global warming to 1.5 deg C.

The costs of decarbonising these sectors and the details on how exactly these industries will drive carbon emissions to zero are said to be based on landmark science with clear milestones and metrics to monitor progress. The plans also offer policymakers a guide for regulations and investment.

Chad Holliday, Co-Chair, MPP said: "The kind of change we are talking about to get these industries to net zero is unprecedented. The climate emergency is a fight for our lives. The good news is that we now know more on how to keep the planet below 1.5 deg and have shown radical collaboration is possible, even among competitors, despite a global pandemic. MPP's Sector Transition Strategies provide the map to guide corporates, financial institutions and governments in the years to come."

A second wave of announcements planned for 2022 will establish industry-backed carbon reduction pathways for more industries. In addition to industry, the finance sector is beginning to rise to the challenge. MPP is working to unlock investment in low-carbon solutions in industry and mobility by working with RMI's Center for Climate-Aligned Finance to develop climate-aligned finance agreements for financial institutions.

Faustine Delasalle, Co-Executive Director, MPP said: "When industry and finance leaders come together and align behind a strategic plan to decarbonise a sector, it creates confidence and emboldens decisionmakers. The MPP sector transition strategies provide a clear plan of attack to bring down emissions. Now we must turn to implementing this plan. But policymakers need to do their part to drive investment at a bigger scale and faster pace."

Focused on sectors often neglected in countries' Nationally Determined Contributions, MPP is setting the tone for COP by calling on policymakers to recognise the critical importance of massive investment in clean energy supply and industrial policies like carbon pricing as well as the need for bolder international agreements at IMO for shipping.

Anthony Hobley, Co-Executive Director, MPP said: "Despite the pandemic, there is unprecedented momentum and willingness to collaborate to accelerate decarbonisation in the most carbon-intensive sectors of the economy. With COP26 around the corner, the committed community of business leaders that MPP and its partners convene are demonstrating powerfully that corporates are not waiting for governments to act, but that they do need policy support to be successful."

In shipping, more than 150 industry leaders including A.P. Moller–Maersk, Trafigura, the Ports of Antwerp and Rotterdam, Yara, Euronav, GasLog, Hapag-Lloyd, Cargill, and the Synergy Marine Group, brought together by the MPP-supported Getting to Zero Coalition, a partnership between Friends of Ocean Action, World Economic Forum and Global Maritime Forum, announced their commitment to decarbonising international shipping by 2050. Moving ahead to develop the technologies and business models needed by 2030, while urging governments to work together with industry to unlock the scale-up of clean solutions. An analysis published today reveals that this will require US$2trn in investment in scalable zero-emission fuels production and zero-emission vessels over the next 30 years.

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