Industrial Electrification 2024

Capture and expand markets for green products Businesses adopting decarbonization solutions, including clean electrification, can position their products as green and potentially capture a “green premium” to offset the deployment costs of low- emitting technologies and projects. Achieving this requires supply chain transpar ency and traceability, as well as the cultivation of the right customer base. Governments and industry bodies can accelerate this further through the endorsement of green standards and procurement of cleaner products. Challenges addressed Clean power availability and price Limited financing support Risk aversion for new technologies – Examples –EU Green Public Procurement:14 The European Union’s Green Public Procurement (GPP) criteria set standards for purchasing green products and services, including energy- efficient technologies. By aligning procurement practices with environmental goals, the GPP provides a significant market for companies offering sustainable solutions, driving innovation and adoption. –SteelZero15 and ConcreteZero16 initiatives: The Climate Group’s SteelZero (launched in 2020 with ResponsibleSteel) and ConcreteZero (started in 2022 with WBCSD and World GBC) involve partnerships with 25 and 22 companies, respectively. These initiatives focus on advancing the use of net-zero steel and net-zero emission concrete in construction. Industrial Electrification: Strategies and Policies for Europe 8