Far-reaching reforms vital to decarbonization of the transport industry—Bain & Company

Far-reaching reforms vital to decarbonization of the transport industry—Bain & Company

DUBAI, UAE: The key headline from a leadership roundtable moderated by Bain & Company and hosted by Environmental Defense Fund (EDF) is that extensive and radical change will be essential to secure decarbonization of the transport sector and to achieve net zero.

The roundtable was held during ADIPEC, the annual global energy conference and exhibition, during which global leaders and industry experts convened in Abu Dhabi to discuss issues at the heart of the energy sector, and help shape a more secure, affordable and sustainable energy future.

“Achieving net zero is impossible without further policy and incentive reforms to the fuels market’,” Peter Parry, Chairman of Bain & Company’s Global Energy and Natural Resources Practice, told participants at the roundtable. “Transition will depend as much on business models, partnerships, and market structure as the performance of clean transport technology.”

The transport sector accounts for almost 40% of global carbon dioxide emissions, according to the International Energy Agency (IEA). With an increasing number of independent markets and localized decarbonization strategies, achieving net zero has become almost impossible without bridging gaps between industries, the roundtable’s participants heard.

The roundtable discussed how the decarbonization industry is moving slowly as each stakeholder in manufacturing, energy and infrastructure waits