WEF – Net Zero Tracker, 2023

The World Economic Forum's Net-Zero Industry Tracker 2023 Edition provides an analysis of the progress made by emission-intensive industrial sectors worldwide in achieving net-zero emissions by 2050. The analysis focuses on specific sectors such as steel, cement, aluminium, ammonia, oil and gas, aviation, shipping, and trucking, which collectively account for over 40% of global greenhouse gas emissions. Transparency on the progress of these sectors is necessary for effective interventions to reach net-zero emissions by 2050. The pathway to net-zero in industrial sectors varies based on sectoral and regional factors, but generally involves a combination of electrification, clean hydrogen, and fossil fuel utilization with carbon capture and storage. However, a supportive environment is crucial for achieving decarbonization objectives, and the Net-Zero Industry Tracker uses a standardized conceptual framework to assess progress, gaps, and opportunities for cross-sector collaboration. The analysis shows that emission-intensive sectors are not on track to reach net-zero emissions by 2050. Over the past three years, emissions have increased by an average of 8% due to increased activity and fossil fuel reliance. Sectors such as cement and steel face particularly complex decarbonization challenges due to their high energy intensity. Achieving a net-zero future will require significant investment of approximately $13.5 trillion, prioritizing the electrification of industrial processes. The tracker reveals increasing awareness and action among industries towards achieving net-zero emissions, but there is still a need for collaboration and innovation to address challenges. Sharing knowledge, joint innovation, market access, risk mitigation, and resiliency planning are crucial for industries to transition towards a sustainable future.