The International Energy Agency (IEA) has released a new report suggesting ways that G7 countries can accelerate the development of technology and overcome high costs associated with the reduction of emissions from hard-to-abate sectors of industry such as steel and cement production.
Requested by Germany under its 2022 Presidency of the G7 to inform policy makers, industrial leaders, and other decision makers ahead of this month’s G7 summit, the report builds upon a report released by IEA last year, ‘Net Zero by 2050: A Roadmap for the Global Energy Sector’.
Its new release, ‘Achieving Net Zero Heavy Industry Sectors in G7 Members’, focuses on advancing decarbonisation among G7 member states – Canada, France, Germany, Italy, Japan, the UK, the US plus the EU – which together accounts for around 40% of the global economy, 30% of energy demand, and 25% of energy system carbon dioxide (CO2) emissions.
The notoriously hard-to-abate steel and cement sectors account for 8% and 7% of global CO2 emissions, respectively, while – in G7 countries – heavy industry is responsible for more than 15% of coal use and around 10% of oil and gas use.
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