Carbon Intensive Industries call for financing to support decarbonization

Carbon Intensive Industries call for financing to support decarbonization

- 60 percent of organizations taking steps to reduce emissions but have not yet set net-zero targets, with reliable financing the main barrier to accelerating commitments

- Half of industry executives now believe net zero is more feasible than previously but call on governments to boost support

Abu Dhabi: Executives from ‘hard-to-abate’ industries have called for increased financing to support decarbonization efforts, following the release of a landmark report that outlines less than a third believe they have adequate budgets to do so, and over half have not yet set net-zero targets.

Reducing emissions in the hard-to-abate industries – cement, steel, aluminum, petrochemicals, shipping, aviation, heavy industry, and manufacturing – is vital in the effort to combat climate change, with industry and transport accounting for almost half of global emissions.

The findings from ‘Hard to Abate, Ready to Start’, published today by Masdar, the host of Abu Dhabi Sustainability Week (ADSW), in partnership with FT Longitude, furthers the discussion on decarbonization by identifying the biggest hurdles, and what is needed to drive greater action in the lead up to the 2023 United Nations Climate Change Conference (COP28) in the UAE.

Although challenging, the report finds that half of senior industry leaders are more confident that