These partnerships typically involve businesses in the same (or related) industry or value chain, formally collaborating to address shared sustainability challenges for mutual benefit. Transformative joint ventures enable impact beyond collaborators’ own value chains; for example, reshaping the industry by scaling-up technological innovations or piloting new models. Such partnerships enable organizations to overcome internal barriers by pooling resources, sharing risks and harnessing complementary expertise and capabilities. Importantly, clear boundaries for engagement and collaboration should be defined to prevent anti-trust behaviour4 and safeguard competitive integrity. Joint ventures are particularly effective for businesses seeking to embark on high-investment or high-risk projects such as early-stage R&D or technological development. For example, given the investment required, this model is proving an effective way to develop technologies needed to decarbonize heavy industries.1.1 Three transformational partnership models Model 1 Joint ventures and strategic alliances Transformative joint ventures enable impact beyond collaborators’ own value chains. How a joint venture or strategic alliance can create systemic impact FIGURE 1 Click to open case study details MODEL 1 CASE STUDY HYBRIT This joint venture between SSAB, LKAB and Vattenfall aims to transform the Swedish iron and steel industry by developing a technology that enables fossil-free steel production.Systemic impactCollaborating organizationsJoint venture entity Making Collaboration Work for Climate and Nature: Practical Insights from GAEA Award Winners 6