ENERGY TRANSITION

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 1.5^oC 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.

Initiative Description

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?

Reach out to the COP28 Energy Transition Team to get involved in the ITA

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