In this decade characterized by economic expansion and soaring demand for goods and transport, the paradoxical challenge of simultaneously addressing climate change and creating economic growth and resilience remains ever-present. While there is a notable increase in awareness and action within industries striving for net-zero emissions, it is apparent that none of the emissions intensive industry sectors, across production, energy and transport, is currently on course for achieving net-zero emissions by 2050, signifying that substantial challenges lie ahead.

To steer towards the path of progress, individual companies and industries must forge ahead on multiple fronts. However, it is crucial to recognize that they cannot embark on this journey in isolation. An entire ecosystem of stakeholders and factors must contribute and unite towards the common goal of making new technologies commercially viable and rapidly scaling existing ones. This requires active participation from companies throughout the value chains of supply and demand, as well as policy-makers. Aligning the essential components of demand for sustainable products, policy incentives, capital for technology investments and infrastructure expansion is the key to accelerating progress in these industries.

Industrial decarbonization stands as one of the most daunting challenges in the ongoing energy transition. Every country and industry faces the intricate task of striking a delicate balance, one that involves the need to promote domestic benefits and create quality jobs while upholding the principles of free trade and open markets. In this multifaceted endeavour, cooperation and coordinated efforts among all stakeholders, both domestic and international, will be critical to surmount the challenges and realize a sustainable, resilient and decarbonized future. While challenging, the time for action is now.