Reaching net-zero carbon emissions from heavy industry and heavy duty transport sectors is technically and financially possible by 2060 and earlier in developed economies and could cost less than 0.5 percent of global GDP, according to the report published today by the Energy Transitions Commission (ETC). The report "Mission Possible: Reaching net-zero carbon emissions from harder-to-abate sectors by mid-century" outlines the possible routes to fully decarbonize cement, steel, plastics, trucking, shipping and aviation – which together represent 30 percent of energy emissions today and could increase to 60 percent by mid-century as other sectors lower their emissions.
The “Mission Possible” report was developed with contributions from over 200 industry experts over a six-month consultation process. Its findings show that full decarbonization is technically feasible with technologies that already exist, although several still need to reach commercial readiness. The total cost to the global economy would be less than 0.5 percent of GDP by mid-century, and could be reduced even further by improving energy efficiency, by making better use of carbon-intensive materials (through greater materials efficiency and recycling) and by limiting demand growth for carbon-intensive transport (through greater logistics efficiency and modal shift).
Download this whitepaper to read the full report.