- Tracker maps announcements, investment decisions and
operations of net-zero-aligned projects across critical industrial
sectors globally.
- The pipeline is growing, but rapid acceleration is needed as
almost 600 decarbonised plants must break ground in the coming
years to meet 2030 net-zero targets.
- MPP urges collective action by governments, companies, and
financial institutions to unlock investment barriers and fast-track
progress.
LONDON, April 16,
2024 /CNW/ -- Mission Possible Partnership (MPP)
launches its Global Project Tracker today, shedding new light on
the state of transition in seven heavy industry and transport
sectors, which account for 30% of global carbon emissions. It
reveals a growing pipeline of net-zero-aligned projects across the
'harder-to-abate' sectors. However, it warns that rapid
acceleration is needed to bring almost 600 decarbonised plants
under construction in the coming years to meet deployment goals for
a 1.5oC aligned trajectory.
The Tracker shows that 68 commercial-scale net-zero-aligned
plants are currently operational, and 42 are at Final Investment
Decision (FID). More than 700 must be up and running by 2030,
according to MPP's industry-backed milestones for decarbonising key
sectors in line with the Paris-aligned ambition. To meet these
deadlines, FID must be reached within three years to enable
construction this decade. Bridging the current gap and scaling
near-zero solutions adequately requires an almost seven-fold
increase in the number of plants that have achieved FID to
date.
The encouraging news is that companies have issued a wave of
project announcements in the past 12 months, indicating growing
industry ambition and a shift towards more favourable conditions
emerging in some locations. Plans to build 473 commercial-scale
decarbonisation plants are identified on the Tracker, which, if
brought to FID, would reduce the gap by 80%.
However, MPP analysis indicates that many projects struggle to
get from announcement to FID, meaning the current pace of progress
is too slow. Various economic and policy barriers can be identified
that stall projects. 595 plants must be brought to FID across
aluminium, cement, chemicals, steel, aviation, and shipping within
three years to meet 2030 deployment goals. The trucking target
measures zero-emission trucks on the road, and millions more need
to be operational this decade.
MPP's Tracker uses aggregated data to chart investment progress
into net-zero-aligned projects, with quarterly updates. It is the
first publicly available tool combining seven sectors and visually
depicting the pipeline, indicating a project's status ranging from
announced to FID and operational.
Today's flagship projects prove that technologies are maturing,
and announced projects show the opportunity to create critical mass
and realise new markets for clean industrial products. However,
economic and policy barriers must rapidly be tackled to create
widespread bankability for announced projects whilst encouraging
the development of many more.
Evidence is emerging on the interventions that can accelerate
the pipeline. Tracker analysis shows key levers that can inspire
further action:
- Government policies can create demand and bridge the green
premium.
- Support for clean technology deployment can de-risk
investment.
- Co-location of projects and enabling infrastructure brings
synergies.
Dick Benschop, Interim Chief
Executive Officer of the Mission Possible
Partnership, said: "We have a new level of insight into
the decarbonisation trajectory for heavy industry and transport –
and the rising ambition of industry is clear. But with the planet's
future hanging in the balance, there is no hiding from the
challenges ahead. We need to rapidly unlock the barriers that can
transform plans into plants. MPP is committed to addressing the
collective action needed, and we urge all stakeholders to
contribute."
Christiana Figueres,
Co-Founder, Global Optimism: "Realising the Paris Agreement
means the so-called 'hard-to-abate' sectors 'have-to-abate'. MPP's
Global Project Tracker demonstrates that they already can and - in
many cases - 'want-to-abate'. Exponential transformation is now
within reach across heavy industry, shipping, aviation and
trucking. But, while the MPP project pipeline provides a clear
pathway for progress, success is not inevitable. Policymakers and
investors must show courageous leadership at this crucial
crossroads and make decisions that enable the have-to-abate sectors
to move at the pace and scale required."
tracker.missionpossiblepartnership.org
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SOURCE Mission Possible Partnership