Public Event - Room Tutmose (COP27 Conference Venue, Sharm El-Sheikh)
COP Side Event: Net-Zero Pathways for Industry Sectors
A joint UNFCCC Side Event by Wuppertal Institut, University of Technology Sydney, Ecologic Institute, and Climate Analytics on how collaborative approaches can transform heavy industry.
Achieving climate neutrality globally requires policies and private sector action that deliberately create transformational change – in and across sectors. The finance industry as well as real economy sectors are increasingly committed to set sector specific targets and set key performance indicators (KPIs) to meet those targets. Basic materials processing industries in particular face the challenge of having to change to reduce their significant emissions, while confronting a highly competitive environment.
This first part of this event provided insights from the One Earth Climate Model developed by the University of Technology Sydney. It provided insights on appropriate sectoral target setting developed in close cooperation with the Net-Zero Asset Owner Alliance (NZAOA) and the United National Principles Responsible Investments (UN PRI). The second part of the side event discussed how an intergovernmental industry sectoral alliance or sectoral climate club could potentially help overcome the challenges by basic materials processing industries and what would be its main strategies. It brought together insights from analysis being done by the organising partners and particularly the EU-funded research projects NDC Aspects and 4i-TRACTION as well as the project SCI4climate.NRW – and connects it to perspectives by practitioners from different continents.
Climate Analytic's Andrzej Ancygier presented what criteria a sectoral climate club must meet to contribute to transformative change. The recommendations are based on the work on policy learning in work package 3 and on the concept of transformation developed in work package one in 4i-TRACTION.
The event took place on Thursday, 10 Nov 202215:00—16:30 in room Thutmose (100).