Make Hydrogen Happen

March 2, 2023

By 2050, industrial sectors will need to be abating more than 7 billion tons of CO2 per year to reach net-zero emissions; building clean capacity needs to start now

New York and London, March 2, 2023 – Without decarbonization intervention, industrial emissions will grow from 6.7 billion tons of CO2 this year to 7.6 billion tons of CO2 per year by 2050, according to the New Energy Outlook: Industry report, published today by research company BloombergNEF (BNEF) as part of its New Energy Outlook (NEO) series. The report finds that there is no ‘silver bullet’ technology to decarbonize industrial emissions; instead significant investments in carbon capture, hydrogen and clean electrification will all be needed.

The production of steel, aluminum, petrochemicals and cement (the four sectors covered in the report) is due to increase in developing economies and stay flat or only slightly decline in most developed countries. While low-carbon options for industrial sectors remain expensive, to reach net zero by 2050 it is crucial that all future capacity is built with clean technologies, or the option to easily make the transition in the future. If current production routes are maintained, billions of dollars’ worth of polluting assets could be stranded by net-zero deadlines in 2050 and 2060.

[continue reading more on BloombergNEF website]