Industrial Production Responsible for Significant Greenhouse Gas Emissions, Decarbonization Crucial
According to a recent report by BloombergNEF (BNEF), the net-zero industry will require exponential growth in carbon capture, hydrogen, and clean power technologies.
The report emphasized the importance of carbon capture technologies in decarbonizing industry, especially in the cement industry where the process of converting limestone to lime emits significant emissions.
Hydrogen technologies are expected to play a key role in decarbonizing steel and petrochemical industries.
The report also highlighted that fuel switching, bioenergy, recycling, and carbon capture can deliver emissions reductions today and are deployed earlier in BNEF’s least-cost modeling.
China, as the producer of half of the world’s steel, aluminum, and cement, is currently the most important factor in the push toward the net-zero industry.
ALSO READ: Net Zero Summit 2023: Accelerating India’s Energy Transition to Net Zero
The United States and Europe will be used as a laboratory for net-zero production routes, with most early pilot projects for low-carbon production located in these regions.
ALSO READ: Changing the Narrative: From being a Victims to a Possible Agent of Climate Mitigation
India will be the focus of the net-zero industry in the future, as its industrial emissions are set to more than double by 2050.
The World Economic Forum (WEF) has launched a fundraising vehicle to unlock $3 trillion of financing needed each year to reach net-zero targets, reverse nature loss, and restore biodiversity by 2050.
The United Nations Climate Change Conference COP27 highlighted the need for global investments of $4 trillion per year in renewable energy until 2030 to achieve net zero emissions by 2050.