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 per cent 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 per cent of energy emissions today and could increase to 60 per cent by mid-century as other sectors lower their emissions.

 

Dr Ajay Mathur, Director General, TERI, said, “India is investing in new capacity in many sectors – steel, cement, petrochemicals – where low carbon technology options are not yet evident. The new Energy Transitions Commission report #MissionPossible provides strategic direction into possible technology investments to move to near-zero carbon emissions by the 2060s.”

 

The “Mission Possible” report was developed with contributions from over 200 industry experts over a 6-month consultation process. Its findings show that full decarbonisation 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 per cent 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).

Speaking about the report, Adair Turner, co-chair of the ETC said, “This report sets out an optimistic but completely realistic message – we can build a zero-carbon economy with a minor cost to economic growth. We should now commit to achieving this by 2060 at the latest, and put in place the policies and investments required to deliver it.”

 

In India, the decarbonization of heavy industry and heavy-duty transport is crucial, not only to reduce the carbon in the atmosphere, but also to improve air quality and enhance the quality of life and health of Indian citizens. The Indian industry is growing and has the opportunity to build new industrial capacity with state-of-the-art technology.