Global Project Tracker: mapping clean industry | report

The Global Project Tracker was launched in April 2024 to monitor the global decarbonisation progress of seven heavy industry and transport sectors, which together account for 30% of all energy related CO2 emissions. 

This analysis (data as of 31.10.2024) explores the progress and gaps, the momentum drivers and challenges, and the actions now needed for acceleration.

It is captured in 10 core insights and at-a-glance sectoral status. Download report | Global Project Tracker: mapping clean industry

Report insights

Investment decisions must be taken in two years for plants to be operational by 2030

Shedding new light on the transition

The Global Project Tracker was launched in April 2024 to monitor the global decarbonisation progress of seven heavy industry and transport sectors, which together account for 30% of all energy related CO2 emissions.

Charting sector status

It charts each sector’s status against the milestones that must be hit by 2030 to be on a 1.5oC trajectory based on MPP’s industry-backed scenarios. These milestones set out the minimum number of commercial-scale, deeply decarbonised production facilities (plants) and zero emission trucks that must operate by 2030 to meet emissions abatement targets and keep the sectors within their carbon budgets.

A closing window for finance

Once a plant reaches the crucial Final Investment Decision (FID) stage it takes four to six years to build and operationalise it, meaning the window is closing to get the necessary 705 plants financed in aluminium, cement, chemicals, steel, aviation and shipping, and get them up and running in time. (FID does not apply in Trucking.)

New data, new analysis

This half-yearly analysis (data as of 31.10.2024) explores the progress and gaps, the momentum drivers and challenges, and the actions now needed for acceleration. It is captured in 10 core insights and at-a-glance sectoral status.

Global opportunity

5X fully approved projects are needed. Policy interventions to embed green demand are key to unlocking $1tn of planned projects.

We have the projects to decarbonise our economies, but we’ve reached a stalemate between producers and buyers that cannot be broken while buyers are not incentivised to purchase green products that still compete against cheaper, fossil fuel-derived products. We have a 2-year window of opportunity remaining to start construction of green production facilities for them to be up and running by 2030. There is no time to lose.

Faustine Delasalle
CEO Mission Possible Partnership & Executive Director Industrial Transition Accelerator

PROGRESS & GAPS INSIGHT 1

The pipeline of green industrial projects is growing. Almost 700 net-zero-aligned facilities are now in the project pipeline, just below the 2030 goal for transforming heavy-emitting sectors. Getting them to investment and bringing them to construction in time remains critical.

PROGRESS & GAPS INSIGHT 2

An increasing share of projects are being planned in the global south. Nearly one in two new announcements (up from one in three previously) come from emerging markets and developing economies, driven by their access to low-cost renewables and the implementation of supportive policies.

PROGRESS & GAPS INSIGHT 3

Only one-fifth of the 705 green industrial plants needed by 2030 are financed. 136 projects have secured the necessary financing to begin construction, and many are already operating – yet there’s an 80% gap in project financing. Investment decisions are needed for the vast pipeline of planned projects worth $1tn.

PROGRESS & GAPS INSIGHT 4

The rate at which projects reach investment is vastly insufficient and must be scaled rapidly. If the pace at which projects reach FID continued linearly, we would overshoot 2030 goals by over three decades, but targeted interventions can drive up the rate of progress and make finance flow exponentially.

Download report | Global Project Tracker: mapping clean industry

Press release | Call to unlock demand for low-carbon products and accelerate industrial projects worth $1 trillion

Learn more | Global Project Tracker

View | Global Project Tracker interactive data map