MI members recognize that heavy industries like steel, cement, and chemicals, require extremely high temperatures and use massive amounts of energy. These three sectors are responsible for about a quarter of global greenhouse gas emissions. Moreover, these sectors encounter high investment costs for process equipment with long payback periods and an equipment lifetime of more than 20 years. “Unlocking” emissions reductions at the end of their next refurbishment cycles could prevent nearly 60 Gt CO2 and help put industrial sectors onto a net-zero emissions pathway by 2050. MI members, led by Austria and Australia, are developing a mission to respond to this challenge. Further details will be shared in early 2022.

“One key in tackling the climate crisis is the transformation of industry. As a nation with a strong industrial base and with long-standing experience in climate-friendly innovation funding, we take responsibility and we intend to make a significant contribution. To achieve sustainable solutions, we need a cooperation between the public and the private sector. I am delighted to announce the ‘Net-Zero Industries Mission’. As Co-lead of this Mission I am looking forward to cooperate with our international mission partners.”

Leonore Gewessler, Austrian Minister for Climate Action, Environment, Energy, Mobility, Innovation and Technology