Industrial Transition Accelerator (ITA)

Turbocharging the project pipeline in

heavy-emitting sectors

ABOUT:

Launched in December 2023 at the COP28 World Climate Action Summit by the COP28 Presidency, United Nations Climate Change and Bloomberg Philanthropies, the ITA is a global multistakeholder initiative to catalyse decarbonisation across heavy-emitting sectors. With expansive networks across industry, financial institutions, and governments, it brings together global leaders from across the industry ecosystem to unlock investment at scale, for the rapid deployment of deep decarbonisation solutions across heavy industry (aluminium, cement, chemicals, and steel) and transport (aviation and shipping), and their energy supply chains.

These sectors currently account for a third of global emissions, making it impossible for the world to meet the goals of the Paris Agreement without rapid action to decarbonise them. Whilst progress is being made and a rich landscape of initiatives is addressing critical deployment challenges, the current speed and scale of delivery is vastly insufficient. A critical mass of commercial-scale, clean industrial projects must reach Final Investment Decision (FID) by 2026 to be operational by 2030 and keep alive the goal of limiting warming to 1.5°C.

Within three years, the ITA aims to turbocharge the pipeline of these deep decarbonisation projects to significantly reduce emissions by 2030, create the conditions for exponential deployment of decarbonisation solutions in the 2030s, and enable the delivery of Paris Agreement-aligned ambition.

GOVERNANCE:

The ITA is co-chaired by COP28 President Dr. Sultan Al Jaber, UN Climate Change Executive Secretary Simon Stiell, UN Secretary-General’s Special Envoy on Climate Ambition and Solutions Michael R. Bloomberg, and UN Secretary-General’s Special Envoy on Climate Action and Finance Mark Carney. Mission Possible Partnership is proud to host the secretariat.

It is backed by funding from Bloomberg Philanthropies and the COP28 Presidency.

ENQUIRIES:

 

For enquiries contact – [email protected]