Oliver Wyman – The Drive To Decarbonise Industry, 2023

Oliver Wyman, a global consulting firm, is supporting Masdar in leading the Decarbonising Industry Working Group, a part of the Sustainable Markets Initiative's Energy Transition Task Force. The working group is focused on finding solutions to decarbonise the steel, aluminium, and mining industries, which are among the hardest-to-abate sectors. This is crucial in order to achieve the goals of the Paris Agreement and limit global emissions to 1.5 degrees Celsius. The working group consists of 11 members, including mining companies such as Anglo American and Rio Tinto, aluminium producer Emirates Global Aluminium (EGA), steelmaker Tata Steel, metals producer Glencore, renewable energy producers Masdar, Orsted, Octopus Energy, and ReNew, technology company Siemens Energy, and global energy corporation bp. Their first deliverable is a "How-to Guide" that explores tangible solutions for decarbonisation. The guide demonstrates the potential of renewable energy, energy efficiency, carbon capture, green hydrogen, and other solutions in greening industries. It also highlights the obstacles that need to be overcome to achieve decarbonisation. Collaboration and partnership are essential for the success of the decarbonisation journey. The Sustainable Markets Initiative plays a crucial role in bringing together industry leaders and facilitating meaningful collaboration. The guide will be particularly relevant at COP28, where actionable solutions to meeting climate commitments will be a key focus. It provides industry leaders' insights on decarbonising the hard-to-abate sectors, which are considered one of the "final frontiers" of climate change.