London, United Kingdom: The Sustainable Markets Initiative’s Energy Transition Task Force today announced the launch of its Decarbonising Industry How-to Guide. The guide outlines a roadmap to decarbonising three of the hardest-to-abate industries – steel, aluminium, and mining, which collectively contribute 12% of global carbon dioxide emissions.

The How-to Guide and the decarbonisation initiatives that it recommends exemplify how cross-industry cooperation can result in strong positive impact and accelerated results. 

The Decarbonising Industry How-to Guide was developed by the Energy Transition Task Force’s Decarbonising Industry workstream. It was led by Abu Dhabi Future Energy Company PJSC – Masdar, the UAE’s clean energy powerhouse, and supported by Oliver Wyman, a global management consulting firm and a business of Marsh McLennan (NYSE: MMC). Masdar and Oliver Wyman are members of the Sustainable Markets Initiative.  

The Decarbonising Industry workstream comprises executives from various industries, including energy, industry, and technology companies. In developing the Decarbonising Industry How-to Guide, the working group identified high-emissions activities along the value chain, identified decarbonisation initiatives for nascent technologies, and recommended solutions that could be implemented at a commercial scale to reduce emissions. 

Nick Studer, President and CEO of Oliver Wyman, and Interim-Chair of the Sustainable Markets Initiative’s Energy Transition Task Forcesaid: "Now is the time for business leaders in carbon-intense industries, like steel, mining, and aluminium, to seize a once-in-a-generation opportunity to drive innovation and collectively shape a more sustainable future. To successfully navigate the intricate challenges posed by evolving regulations, financial landscapes, and market dynamics, these industries must increase collaboration among themselves, governments, customers, financial institutions, and value chains. Only through united efforts can we truly bring about transformative change." 

Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar said: “Masdar is proud to be leading the Sustainable Markets Initiative Energy Transition Taskforce working group on Decarbonising Industry. As this How-to Guide shows, the decarbonisation journey for hard-to-abate sectors is complex and will be a long journey, but it but it can be done and will take innovation and the ability to scale sustainable solutions. As we prepare for COP28, this guide offers a timely and informative view from industry leaders on how we can overcome what is, in many ways, the "final frontier" of climate change: decarbonising hard-to-abate sectors.” 

The Decarbonising Industry How-to Guide emphasises the critical role that all parts of the global community, whether public or private sector, must play to ensure the successful decarbonisation of hard-to-abate sectors. The guide addresses the need for governments to develop regulations, incentives, and frameworks that will help accelerate decarbonisation. Financial institutions also play an important role by providing capital to low-carbon investments, even when immediate commercial viability is uncertain. Industry partners can contribute by negotiating long-term agreements for low-carbon products, securing access to clean energy, and collaborating across sectors to advance decarbonisation technologies. Customers, especially corporations, can drive demand for low-carbon products, enabling industries to invest in decarbonisation technologies and achieve profitable commercial scale. 

The Sustainable Markets Initiative’s Energy Transition Task Force is working to drive progress as a group and accelerate the transition to a resilient, prosperous, low-carbon, and sustainable energy future – guided by the aims of the Paris Climate Agreement, the United Nations Sustainable Development Goals and the Sustainable Markets Initiative’s Terra Carta. 

Read the full press release here
Read the how-to guide here