Net Zero Industry Tracker 2024

By promoting energy efficiency and demand-side management, we can reduce overall consumption, helping to alleviate the pressure on prices. Programmes that encourage energy-saving behaviours can help consumers save money while contributing to carbon reduction goals. The transition to a low-carbon economy presents an opportunity to enhance daily life, encouraging beneficial behavioural changes and innovation. While some price adjustments for essential products may occur, proactive planning and supportive policies can help balance these effects, paving the way for a more sustainable and equitable future for all. The share of societal costs of industry decarbonization and broad energy transition underscores the need for equitable transitioning. Policy-makers must prioritize support for vulnerable populations most affected by price increases and potential job losses. Measures such as subsidies for low-income households, investment in public transport and incentives for energy efficiency can encourage positive behavioural changes, easing the financial burden and protecting those least able to afford the transition. For instance, the Just Transition Fund not only provides grants and technical assistance but also promotes policy development and peer learning to support communities facing job displacement, such as those impacted by the decline of coal-based industries.66 By promoting energy efficiency and demand-side management, we can reduce overall consumption, helping to alleviate the pressure on prices.SectorExamples of notable industry standardsPercentage of low- emission productsB2B green premium*B2C green premium* Steel –The worldsteel Climate Action Data Collection (2008): Framework for companies to report CO2 emissions, enabling steel plants to benchmark against average and best performances to identify improvement areas –Climate Group Steelzero Reporting Framework (2020): Organizations are required to report to the Climate Group annually on their progress towards their SteelZero commitmentLess than 10% of steel was produced using low-emission processes, with nearly all progress occurring in low-emission secondary production like recycling40-70% per ton of steel0.5% per car CementGlobal Cement and Concrete Association (GCCA) sustainability guidelines (2018): Framework for companies to report on specific KPIs such as CO2 emissions, fuels and raw materials used in manufacturingLess than 1% near- zero-emissions clinker production for cement60-70% per ton of cement1-3% per built house AluminiumAluminium Carbon Footprint Methodology (2018): Specifies the principles and requirements for quantifying GHG emissions from primary aluminium production processesApproximately 30% of primary production emits less than 5t CO2e/t40% per ton of aluminium1% per car Primary chemicalsGRI Sector Program (2019): Framework designed for companies to report on sector- specific standards in the manufacturing of chemical products, including plastics and fertilizersLess than 2% of low-emission primary chemicals are currently being produced55% 1-3% Oil and gasOil and Gas Climate Initiative (OGCI) Reporting Framework (2016): Framework for companies to report on specific metrics including GHG figures and low-carbon investment1% contribution of the oil and gas sector to the total clean energy investments globally10% per barrel of oil 7% per metric million British thermal unit (MMBtu) of gas6% per litre of gasoline 1% per MWh of electricity Note: *Accenture analysis. Sources: Smart Freight Centre. (n.d.). The GLEC Framework; International Civil Aviation Organization (ICAO). (n.d.). Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA); International Maritime Organization (IMO). (n.d.). IMO Data Collection System (DCS); Sea Cargo Charter. (2024). Sea Cargo Charter: Aligning global shipping with society’s goals; Worldsteel Association. (n.d.). Climate Action Data Collection; Climate Group. (n.d.). SteelZero; Global Cement and Concrete Association (GCCA). (2019). Sustainability Charter and Guidelines; World Aluminium. (2018). Aluminium Carbon Footprint Technical Support Document; GRI. (n.d.). Sector Program; Oil and Gas Climate Initiative (OGCI). (2023). Oil & Gas Climate Initiative Reporting Framework.Key industry standards, green premium and the percentage of low-emission products (continued)TABLE 2 Net-Zero Industry Tracker: 2024 Edition 32