Industry Transition Accelerator: Accelerating decarbonization across industries to meet the Paris Agreement
Context and challenges
GHG global emissions must be cut by 43% by 2030 (vs 2019 baseline) to meet the 1.5oC target of the Paris Agreement according to the IPCC1 and Global Stocktake2.
Energy, transport and heavy emitting industries3 collectively account for ~65% of global emissions, hence putting them on the frontline of decarbonization efforts.
Notably, energy and transport sectors will account for 50% of emissions reductions by 2030.
The Industry Transition Accelerator (ITA) is the first decarbonization initiative to accelerate the delivery of the Paris Agreement across the energy, transport and heavy emitting industries3.
The ITA brings together leadership across policy, finance, infrastructure and technology to overcome the collective challenges of decarbonization by:
- Fostering cross-sector and cross-cutting collaboration to tackle challenges on policy & standards, finance, demand and technology & infrastructure
- Having participants to set Paris-aligned targets and practical decarbonization plans
- Leveraging the support of industry associations to address sector-specific challenges
- Identifying and partnering with existing climate initiatives relevant to the concerned sectors3
Commitments from Business & Philanthropy
For all leaders
- Join the ITA and participate in cross-sectoral working groups
For producers and consumers within the concerned sectors3
Endorse ITA’s Participation Principles, and:
- Set Paris-aligned Net Zero targets Present a decarbonization plan within 2 years, including a Paris-aligned 2030 interim target
- Disclose emissions and progress against targets
- Demonstrate acceleration of decarbonization efforts4
Note: Companies endorsing the ITA Participation Principles will join the ITA ecosystem to benefit from working groups and initiatives.
How to get involved?
1.IPCC: Intergovernmental Panel on Climate Change
Global Stocktake: Five-yearly assessment of progress made toward mitigating global warming since the Paris Agreement in 2015
Heavy emitting (Cement, steel and aluminum sectors), Energy (Oil & Gas & power), Transport (Aviation, Shipping and others)
Through capital expenditure and technology deployment plans
Source: IEA | IPCC