Hard-to-abate sectors such as steel, cement, shipping, and aviation are today responsible for more than one-third of energy-related greenhouse gas emissions when allocating emissions to different sectors.
Predictions have long held that decarbonization in these sectors would really start to take off in the 2030’s. This has been proven wrong.
A new Citi GPS report looks at how--spurred by government support, legislation, and a push from clients such as auto manufacturers and cargo owners who want to reduce their scope 3 emissions-- decarbonization in hard to abate sectors has started.
Investment in technologies and new fuels are expected to increase significantly over the next few years.
The task (and ambition) is huge, trillions of dollars need to be deployed to scale up solutions and to decarbonize these sectors.
The landscape is changing fast, and we expect more investment, policies and announcements over the coming years on the long road to decarbonization.
Read the full report now. To access more Citi GPS reports click here.