AFID major announcements during COP29

Baku, Azerbaijan, 16 November 2024 – Today, during a pivotal CEO high level dialog on coordinated actions towards raising aspiration for decarbonization, aligned with global and national decarbonization at COP29, the Alliance for Industry Decarbonization (AFID), co-chaired by Siemens Energy and EMSTEEL, has announced four strategic commitments to address the challenges related to decarbonization of industrial sectors.

CEOs have discussed progress under the Decarbonization Commitment and adopted enhanced joint Targets to 2030. Members of AFID have individual plans that combined aim to reduce 54% of direct and indirect greenhouse gas (GHG) emissions and grow the installed renewable capacity 183 gigawatts (GW) from 2023 to 534 GW in 2030. Moreover, Alliance member have committed to almost double installed green hydrogen, significantly increase bioenergy with CCUS solutions, increase workforce re-skilling from currently 20% to 99% and significantly boost investments in energy transition projects to more than USD 124 billion by the end of this decade.

AFID in collaboration with Net Zero Technology Centre has launched an Innovation Competition to identify and accelerate the deployment of decarbonization technologies for AFID beneficiary companies with a focus on high TRL innovations. Competition is open to energy transition technology innovators around the world. The top finalists will pitch their innovations to judges in 2025, with winners offered to pilot technology with AFID beneficiary companies.

AFID has collectively endorsed joint statement of global decarbonization initiatives namely Scaling International Assistance for Industry: COP29 Global Commitment and ITA Open Letter on Demand Stimulating Policies.

IRENA Director-General Francesco La Camera said, “The Alliance continues to show what collective ambition, and strategic action can achieve in advancing decarbonization. The commitments made by industry leaders today at COP29 set a clear path towards reducing emissions by 54% and accelerating renewable energy capacity. This milestone strengthens the Alliance’s role as a catalyst for sustainable industry transformation, pushing forward innovation, more ambitious targets, and investments in energy transition projects. By fostering cross-sector and global collaboration, we are advancing not only our 2030 targets but also the critical role that industry must play in achieving a 1.5^°C scenario.”

Eng. Saeed Ghumran Al Remeithi, Group Chief Executive Officer of EMSTEEL and co-chair of AFID, commented: “As we stand at the crossroads of climate action, the commitments announced by the alliance today reflect a collective and unwavering dedication to accelerating the transition to a sustainable, low-carbon future. Our enhanced targets to reduce greenhouse gas emissions, expand renewable energy capacity, and lead in green hydrogen and bioenergy solutions are vital steps toward achieving a carbon-neutral world by 2050.

For EMSTEEL, as the UAE’s largest steel and building materials manufacturer, and as co-chair of this ground-breaking alliance, these commitments not only represent a significant leap in our shared responsibility but also demonstrate the power of industry collaboration in driving systemic change. By focusing on scaling innovative technologies, re-skilling our workforce, and making bold investments in energy transition, we are empowering industries worldwide to meet the challenges of decarbonization.

“AFID’s collective ambition will play a crucial role in shaping the trajectory of global emissions reductions, and together, we are proving that sustainability and economic growth can and must go hand in hand.”

Mr. Christian Bruch, Siemens Energy Chief Executive Officer and co-chair of AFID said, “The announcement by the members of the Alliance at COP29 are a clear commitment for a practical approach to achieving a more sustainable future. I hope this pledge will serve as a beacon to encourage further collaboration amongst industry leaders in accelerating the deployment of cutting-edge decarbonization technologies and drive the energy transition forward. ”

Mr. Luca Corradi, Net Zero Technology Centre Chief Technology Officer Luca said, “Net Zero Technology Centre is thrilled to be involved in this significant Alliance, and we are eager to contribute to the delivery of the innovation competition. Our mission has always been to accelerate the development and deployment of net zero technology, and we are excited to collaborate with AFID members across the pillars of the alliance. Together, we will work to identify and scale up innovative technologies for adopters within the AFID. ”

On the run up to COP29, AFID has published new reports:

Solutions to decarbonize heat in the steel industry highlights key solutions for decarbonizing steel manufacturing, including low-carbon fuels, renewable electrification, and waste heat recovery. It calls for collaboration among governments, industry, and researchers, along with investment in research, pilot projects, and workforce training.

Green hydrogen: A cross-industry dialogue for sustainability underscores green hydrogen’s essential role in decarbonizing transport, power, and industry, calling for global cooperation on standards and regulations to accelerate adoption.

Accelerating decarbonisation using bioenergy with carbon capture, utilisation and storage. This report highlights the critical role of carbon capture and storage (CCS) and bioenergy with CCS in achieving global decarbonization goals, covering their status, costs, prospects, and policy landscape, with global case studies included.

Advancing bioenergy with carbon capture, utilization and storage. Policies, regulations, MRV and certification examines BECCUS integration for the 1.5^°C climate target, addressing key policies, regulations, and standards for sustainable biomass sourcing and CO2 storage. It emphasizes MRV standards to strengthen carbon market transparency and offers guidance for policymakers and industry on advancing the low-carbon transition.

The Alliance is urging new members to sign up and join their common vision to speed-up the energy transition. Membership is open to public and private firms and stakeholders operating in energy-intensive sectors ready to decarbonize their activities now.