The Group of Seven bloc of major industrialised economies is "well-placed" to take the lead the world in cutting emissions from the heavy industry sector and pave the way for other countries to follow suit, according to the International Energy Agency.
G7 countries – Canada, France, Germany, Italy, Japan, the UK, the US and the EU, which is a ‘non-enumerated’ member, – account for about 40 per cent of the global economy, 30 per cent of energy demand and 25 per cent of the energy system carbon dioxide emissions, the Paris-based agency said in a new report on Thursday.
“The G7’s economic heft, technology leadership and international alliances present it with a special role in leading the way and inspiring successful energy transitions in these crucial sectors,” it said.
The US, the world’s largest economy as well as Canada, Britain and the 27-member EU plan to become carbon neutral by 2050 and are focusing on reducing emissions with new renewable projects.
“There is no way to reach net zero without dramatic reductions in emissions from heavy industry, and G7 economies have both a responsibility and an opportunity to take a leadership role in driving that forward,” said IEA executive director Fatih Birol.
“Emissions from heavy industry are among the most stubborn, making it essential that countries with significant financial and technological resources use them to scale up practical solutions in a co-ordinated way.”
But heavy industries still struggle to curb emissions, according to the report.
Much technology required for the industry sector’s transition is at the prototype or demonstration stage and not yet ready for widespread distribution and use, it said.
Products of heavy industries such as steel are traded internationally in competitive markets, with margins that are too slim to absorb elevated production costs and encourage first movers to adopt new technology, it said.
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