Achieving net zero in critical industries requires $13.5 trillion in investment - WEF

Achieving net zero in critical industries requires $13.5 trillion in investment – WEF

The World Economic Forum said $13.5 trillion in investment is needed to decarbonise hard-to-cut key industries and reach net-zero targets.

The WEF, in collaboration with Accenture, revealed this in its recent report ‘Net Zero Industry Tracker 2023’.

The report assesses progress toward net zero emissions in eight industries, including steel, cement, aluminum, and ammonia, and excludes other chemicals, oil and gas, aviation, shipping, and trucking. These industries rely on fossil fuels for 90% of their total emissions. energy demand.

Roberto Bocca, director of the World Economic Forum’s Energy and Materials Center, said decarbonizing the industrial and transport sectors, which emit 40 percent of the world’s greenhouse gases, is critical to achieving net zero. did.

“Decarbonizing these industrial and transport sectors, which currently produce 40% of global greenhouse gas emissions, will help achieve net zero, especially as demand for industrial goods and transport services remains strong. “This is essential to achieving that goal,” he said.

The report says the $13.5 trillion investment will increase the average cost of clean electricity generation from solar, offshore and onshore wind, nuclear and geothermal, the cost of electrolyzers to transport clean hydrogen and carbon, and the cost of storage. He emphasized that it was obtained from

He emphasized the urgency of building a strong enabling environment, including demand, policy and investment for low-emission technologies, infrastructure and green products.


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