Mission Possible Partnership brings 400 global leaders to accelerate worldwide decarbonisation

Summary

• Mission Possible Partnership (MPP) launched at Davos Agenda to accelerate worldwide decarbonisation.
• MPP is run by Rocky Mountain Institute, Energy Transitions Commission, the World Economic Forum, and the We Mean Business coalition.
• The US rejoining in Paris Agreement is anticipated to lift worldwide environment negotiations.

The Mission Possible Partnership (MPP), another alliance framed to quicken the decarbonisation of worldwide industries addressing 30% of worldwide emissions was launched on 27 January 2021, at the Davos Agenda.

The MPP was formed on the back of foundation laid by Mission Possible Platform, launched at the UN Secretary General's Climate Action Summit in 2019. The foundation of the platform was laid by the World Economic Forum and Energy Transitions Commission.

Understanding MPP

MPP is run by Rocky Mountain Institute, Energy Transitions Commission, the World Economic Forum, and the We Mean Business coalition. The partnership focuses on accelerating the lanes for decarbonisation from transport and heavy industries including steel, aviation, aluminium, chemicals, cement and concrete, shipping, and trucking.

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The leading partners include prominent excavator Arcelor Mittal, transporter Maersk, and oil giant Shell. The agreement is intended to make rigorous decisions for emission cuts necessary to save the environment. The initiative clubbed 400 companies to work with their stakeholders to invent “climate action agreements" by 2024 and become carbon neutral by 2050.

The Partnership

Thirty companies started the MPP, which has now reached 400. All the companies are focused on achieving net-zero carbon emission. Initial founders of MPP were Bloomberg Philanthropies, Bezos Earth Fund, and Breakthrough Energy. MPP's endeavours will be reinforced by the mastery of its supporting accomplices, which rank among the world's most powerful industrial decarbonisation associations, finance, and strategy improvement.

What is the contribution of each sector in Carbon Emission?

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The Aluminium sector is an indispensable segment of the sustainable economy as it is light, solid, and recyclable. In 2019, the average CO₂ emission associated with virgin and recycled aluminium was about ~11.5 tons.

The Aviation sector produces 3 per cent of world’s total emission even after the lockdowns were imposed due to COVID19.

The Cement and Concrete sector reported about 8 per cent of global CO₂ emission with 95 per cent, specifically from cement production.

As per IEA, the Chemical sector reported 880 Mt CO₂ emission in 2018. Paris Agreement will target to reduce it by 45% by 2050.

International Shipping sector emits approximately 2-3 per cent of global CO₂ emissions. Introduction of EVs will reduce the emission in future.

Global Steel sector accounts for around 7 per cent of global carbon emission accounting 2.3Gt per annum.

Emissions from Heavy trucking sector holds around 2.5 to 4.6 Gt of CO₂ emission. It may rise to approximately 10 per cent by 2050.

MPP and the Paris Agreement

MPP is centred on the idea that it will provide industry-driven approach admiring country centric strategies on the back of Paris agreement to minimise the carbon emission. Paris agreement laid a foundation and showed a vision to limit global warming well below 2-degree Celsius. The pact was signed in April 2016 and got effective on November 2016.

The agreement sparked low carbon solutions worldwide. Most of the countries are targeting to invent carbon-neutral technologies. An excellent positive trend has been noticed on the transportation and power sectors.

Impact of US return on MPP

Biden's presidential election campaign included a US$1.7 trillion budget for the next ten years. Biden is very stringent to achieve a net-zero carbon emission by 2050. The newly elect took a rigorous decision on the first day after the throning ceremony, announcing the rejoining of the Paris Agreement. Former President Trump withdrew from the agreement stating that the country's environment was best in April 2020.

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Good Read: 2050 Carbon Neutrality Deadline is Way too Far and Could Toast the Planet – Andrew Forrest

Biden aims to install 500,000 EV charging station across the country to limit the use of fossil-fuelled vehicles. He has a plan to allocate US$400 billion towards clean energy R&D activities. Biden wants to implement a carbon, capture and storage (CSS) system to track the country's emission and impose a penalty on high emitters.

After the US President Joe Biden’s declaration to rejoin the Paris Environment Agreement to cut discharges, Worldwide environment negotiations are anticipated to get a lift now to cut discharges, a settlement the former president Donald Trump dismissed.