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Buying green. An alliance of around 50 businesses has committed to buying green materials, such as low- or no-carbon steel, by 2030. At the World Economic Forum Annual Meeting in Davos, Switzerland, the First Movers Coalition—a group whose members are collectively valued at more than $8.5 trillion—announced that it seeks to cut emissions in heavy industry by investing in climate tech and creating a market for environmentally friendly materials, such as low-carbon cement. Aluminum, aviation, cement, chemicals, and steel today make up about 30% of the world’s emissions. [NYT] |
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Hydrogen hubs. Climate scientists think that clean hydrogen could become an important source of zero-emission energy in industries that typically depend on fossil fuels. That’s why “hydrogen is crucial” in the fight against climate change, according to one professor and climate change researcher. But making hydrogen in a clean and cost-effective way has so far been difficult. The US Bipartisan Infrastructure Law, passed in 2021, funnels $8 billion to establish hydrogen hubs to generate, store, and use clean hydrogen. [NPR] |
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Nine key industries. Decarbonizing emission-intensive industries may be challenging, but McKinsey research shows that solutions are within reach. Nine key industries—power, oil and gas, automotive, aviation and shipping, steel, cement, mining, agriculture and food, and forestry and land use—could lead the way to a net-zero economy. More than 50% of the world’s power could come from renewable sources (such as solar, hydro, and wind) by 2035, McKinsey analysis finds. |
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Transformation ahead. Electric-vehicle sales, along with planned production of low-emission cars, are surging. McKinsey estimates that virtually all new passenger vehicles sold in China, the EU, and the US will be electric by 2035. But getting to that point will take some effort: companies (and car owners) will need new supply chains, manufacturing know-how, and infrastructure, such as charging stations and hydrogen-fueling sites. That’s just one example covered in McKinsey’s net-zero guide for nine critical industries.
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| — Edited by Belinda Yu |
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