Listen to Carbon Clean's Co-Founder and CEO Aniruddha Sharma, as he narrows in on why industries need to start working toward net zero now. Watch the video and read along below.
What are net zero initiatives and how important are they for industry?
Net zero initiatives are a set of technologies, options and policy initiatives that, when combined together, will help humanity achieve the objective of reaching net zero by 2050. These are really important for industry, especially hard to abate industrial emissions, for them to achieve net zero emissions as quickly as possible.
Are net zero initiatives on the rise, and do you foresee more happening?
Net zero initiatives are on the increase. We see quite a lot of these happening right now and many more in the years to come. Net zero initiatives basically happen at three levels. One at the consumer level with customers and consumers asking for low carbon products. At a second level, it’s more related to the industries, it’s easy to decarbonise industry; travel industry, hospitality industry, transport industry. And at a higher level, it all leads to reducing the carbon emissions from heavy industry or hard to abate industries.
Are there benchmarks now that the industry should be aiming to achieve?
There are benchmarks that the industry can aim to achieve the most important one is the Intergovernmental Panel on Climate Change (IPCC) 2018 report that lays down the objective to achieve net zero carbon emissions reduction by 2050. To give an example, if we achieve this by 2040, there would be a much bigger impact in reducing carbon emissions and the chance of the world warming to 1.5ºC will reduce quite significantly. The sooner we take these initiatives the greater the impact.
Which industries can benefit the most from these initiatives?
All industries can benefit from these initiatives. However, there are certain industries that can benefit much more than others. An example will be steel, cement, energy from waste, and refining industries that could utilise initiatives like carbon capture, utilisation and storage to achieve net zero decarbonisation in the short to medium term very quickly.
How do these initiatives seek to mitigate climate change?
Industry is here to stay, however, rather than being a hurdle to achieving net zero targets, industries are poised to become a major contributor to avert climate change. Transformative decarbonisation is one of the most significant ways we can move towards net zero and achieve zero carbon emissions by 2050.
Explain carbon capture technology and how it can help industries achieve net zero.
CCUS or carbon capture, utilisation and storage is a set of technologies that allow emitters to capture carbon dioxide from their smokestacks and convert into a green chemical which they can sell or safely store the CO2 underground. CCUS is a great technology that could allow these industrial emitters to safely, cost-effectively reduce carbon emissions from their site with minimal societal destruction.