Equitable representation and shared decision-making Equitable governance, combined with balanced decision-making mechanisms and shared risk-taking, ensures that all partners are represented effectively for long-term impact. Participants’ contributions may vary – for example, in technical expertise or financial contribution – but formalizing balanced roles and decision rights reinforces mutual accountability and long-term commitment to success. Equitable power can be institutionalized through formal governance: for example HYBRIT Development AB is an independent company, jointly and equally owned by each founding entity. Each company provides a board representative, with a rotating chairmanship. Long-term commitment To realize impact beyond the value chain of core collaborators, transformative joint ventures and strategic alliances should be designed for scalability and replicability from the start. For HYBRIT, transforming global markets has always been the ambition: it is securing patents and moving to the next phase of industrial-scale implementation. Among other benefits, patenting opens the technology to outside investment: any company will be able to apply for a commercial licence to use HYBRIT technology in their own products and services.11 Enabling external conditions Joint ventures often push technological boundaries. External support – from policy-makers, regulators, infrastructure financing bodies and the public – is critical to ensure commercialization and growth. Factors such as Sweden’s innovative steel industry, access to renewable electric power and high-quality iron ore gave the HYBRIT venture a strong foundation. In addition, the state has been directly involved in fostering the development of green steel. The Swedish Energy Agency and EU Innovation Fund have provided funding, with HYBRIT cited as a leading initiative in the energy efficiency implementation plan for the European Strategic Energy Technology Plan (SET Plan), which prioritizes the development of renewable hydrogen-based fuels.12 Key success factors – joint ventures and strategic alliances Model 1 Making Collaboration Work for Climate and Nature: Practical Insights from GAEA Award Winners 13