Businesses across 14 industrial sectors in the OECD plus Brazil, Russia, India, and China could use new technologies to reduce their greenhouse gas emissions 86% by 2050, according to a new study by Boston Consulting Group for the German Engineering Federation (VDMA).
The study found potential for 30 gigatonnes (that’s 30 billion tonnes) of emission cuts across the 14 sectors, driving a €10-trillion market for low-emission technologies through mid-century, Clean Energy Wire reports.
“Since machine builders are so closely interlinked with almost all industries, developing and offering climate-friendly technology has a huge economic and ecologic potential,” said Markus Lorenz, a managing director and senior partner at Boston.
“In particular, hydrogen production with renewable power sources has great potential for machine builders that cater to all kinds of industrial customers,” Clean Energy Wire writes, citing the study. That’s in a context where “industrial sectors such as steel, cement, and chemicals are some of the [energy transition’s] toughest nuts to crack, because deep emission reductions require entirely new production methods.”
Hartmut Rauen, deputy head of the VDMA, called for a “global perspective” to commercialize low-emission technologies, bring new processes to scale, and maximize environmental gains, CEW says.