By Valerie Volcovici
WASHINGTON, Jan 27 (Reuters) - Over 400 companies across
some of the world’s biggest greenhouse gas emitting industries –
from shipping to steelmaking - have agreed to work together on
plans to decarbonize by 2050, according to a coalition of
climate advocacy groups that set up the partnership.
The agreement, to be announced at the virtual Davos World
Economic Forum on Wednesday, includes giants like miner Arcelor
Mittal, shipper Maersk, and oil behemoth
Shell. It is intended to complement rising
international ambition to make the aggressive emissions cuts
scientists say are necessary to avoid the worst effects of
climate change.
Companies in the agreement represent seven global industries
- steel, cement, chemicals, aluminum, shipping, aviation, and
trucking – that together account for nearly one-third of the
world’s greenhouse gas emissions.
The deal, dubbed the Mission Possible Partnership, commits
those companies to work with competitors, investors, suppliers
and buyers to devise "climate action agreements" by 2024 to
achieve net zero emissions by 2050.
The partnership aims to accelerate global efforts to combat
climate change under the Paris climate agreement. But countries'
pledges to meet the goal of halting the rise on global
temperatures to 1.5 degrees C are not sufficient and require key
industries to slash their emissions.
For example, airplane manufacturer Airbus, airlines like KLM
, airports such as Heathrow and fuel
providers like Shell will cooperate to map out a net
zero plan for the entire sector and speed the transition to
sustainable aviation fuels such as biofuels, for one example.
"It's not only about corporations making a climate
commitment but bringing the whole supply chain together so the
sectors have an incentive to decarbonize and work faster to
reduce their emissions," Maria Mendiluce, CEO of the We Mean
Business climate coalition, told Reuters.
We Mean Business is co-organizing the partnership with the
Energy Transitions Commission, Rocky Mountain Institute and the
World Economic Forum. The organizers say they hope the
partnership will create momentum for the next round of
international climate talks in Glasgow in November.
International climate negotiations are expected to get a
boost now that U.S. President Joe Biden has announced
Washington's return to the Paris climate deal to cut emissions,
a pact his predecessor Donald Trump rejected.
Funding for the Mission Possible Partnership came from
Amazon founder Jeff Bezos’ climate-focused Bezos Earth Fund and
Microsoft founder Bill Gates’ Breakthrough Energy fund.
(Reporting by Valerie Volcovici; Editing by David Gregorio)
