· 2 min read
illuminem summarizes for you the essential news of the day. Read the full piece on Bloomberg or enjoy below:
🗞️ Driving the news: The term "hard to abate" is becoming outdated as technologies to reduce emissions in industries like steel and aviation become more affordable and viable
• Experts argue that continuing to use this term may hinder progress and investment in decarbonization
🔭 The context: Traditionally, "hard to abate" industries lacked affordable technologies to cut emissions, or the costs made their products uncompetitive
• However, advancements in carbon capture, green hydrogen, and renewable electricity are now providing feasible solutions
🌍 Why it matters for the planet: Addressing emissions from these sectors is crucial for meeting global climate targets
• As clean technologies become more accessible, transitioning these industries away from fossil fuels will significantly reduce greenhouse gas emissions
⏭️ What's next: Increased investment in research, policy support, and strategic partnerships will further lower costs and accelerate adoption of low-carbon technologies
Companies and countries are setting net-zero targets, emphasizing the necessity of emission reductions across all sectors
💬 One quote: "There are no longer any so-called hard-to-abate sectors... They will require a carbon price, but it’s an affordable carbon price," said Michael Liebreich, CEO of Liebreich Associates
📈 One stat: Until 2018, there were no big companies or countries with net-zero goals. Now, most major companies and countries have set such targets
Click for more news covering the latest on net zero
