India’s Tata Steel and Dalmia Cement have joined the Mission Possible Partnership (MPP) initiative launched at the World Economic Forum in Davos, according to a press release on Jan 27.
The Mission Possible Partnership is a coalition of public and private entities working to accelerate the decarbonization of global heavy industries and transport, which represent 30pc of global emissions, towards carbon neutrality by 2050.
The partnership builds on the original Mission Possible Platform, which launched at the United Nations Secretary General’s Climate Action Summit in 2019, which has grown from 30 companies to 400 entities.
The MPP is centered on the idea that the Paris Agreement, with its focus on national targets, will not generate the solutions necessary to achieve efficient and effective transition strategies for global industries on its own.
The most important missing piece of the global climate action architecture is an effort by sectors, complementing country-centric strategies with action from global industries to unlock technology and energy transformation.
In late 2021, the partnership will aim to showcase net-zero agreement breakthroughs in the shipping, aviation, trucking, chemical and steel sectors. Within three years, it hopes to help companies complete climate action agreements for these seven sectors.
Within five years, it aims for clear shifts in investment patterns across the seven sectors and will be pursuing net-zero climate action agreements in additional sectors, potentially food and agriculture.