UK: The Transition Pathway Initiative (TPI) has conducted a study into the emissions reduction practices of 33 large cement producers. The study concluded that five of the companies are currently aligned with the emissions reduction pathway which would keep the global temperature rise below 2°C by 2050 compared to pre-industrial levels. This corresponds to 15% of large cement companies assessed in the study compared to 14% of large companies in heavy industries globally. The TPI commended the five producers, noting that in global industry “fewer companies are aligned with 2°C after 2030 [than by 2030], because the pace of decarbonisation required in the industrial sector really picks up next decade, requiring drastic falls in emissions between 2030 and 2050 to meet Paris Agreement goals. More industrial companies need to set longer term targets to 2050 that require greater levels of decarbonisation.” Just one aluminium producer and no paper producers are in line with the 2050 target.
TPI Co-Chair Adam Matthews said, “As we enter the transition decade these hard-to-abate sectors are critical to achieving net zero goals by 2050. Whilst it is concerning that so few industrial companies are ready, it is clear new industrial processes based on circular economy principles give us a tipping point of technically viable, economically attractive solutions.”
