Synopsis:
The International Aluminium Institute (IAI) unveils a novel initiative at COP 28 in Dubai, aiming to transparently monitor and reduce greenhouse gas (GHG) emissions among its member companies. With backing from major aluminium producers, this initiative vows to track emission reductions, setting targets, and ensuring industry-wide accountability.
Article:
In a momentous move, the International Aluminium Institute (IAI) launches a revolutionary initiative at the United Nations’ Climate Change Conference (COP 28) in Dubai. This groundbreaking initiative, supported by key aluminium producers, pledges to visibly oversee and diminish greenhouse gas (GHG) emissions across member companies' operations.
Notable signatories including Aluminerie Alouette, Aluminium Bahrain (Alba), Alcoa Corporation, Alumina Limited, Companhia Brasileira de Alumínio (CBA), Emirates Global Aluminium (EGA), Hindalco Industries Limited, Norsk Hydro, Mitsubishi Corporation, Rio Tinto Aluminium, Rusal, Sohar Aluminium, and South32 represent companies generating a collective 221 million metric tons of GHG emissions.
Under this new initiative, the IAI commits to:
· Transparently monitoring and reporting member companies’ ambition and progress in reducing GHG emissions.
· Publicly disclosing the total global GHG emissions of the aluminium industry on an annual basis.
Reducing emissions necessitates investments in new technologies and equipment at both company and facility levels. This initiative fosters such action through:
· Establishing a long-term GHG emission reduction target by December 31, 2024, ideally achieving net-zero emissions by 2050, along with a detailed plan to attain this target.
· Identifying an interim GHG emission reduction milestone, preferably by 2030, to track early progress.
· Annually disclosing progress using IAI's recommended methodologies for calculation and transparency guidelines.
This pivotal initiative aims to spur ambition across the sector while ensuring transparent tracking of progress. It complements existing IAI programs focused on aligning the industry with global climate objectives.
Earlier reports by the IAI outlined multiple technology pathways for emission reductions, consistent with the Paris Agreement goals. Additionally, the institute unveiled a decarbonization scenario at COP26, aligning with limiting global warming to 1.5 degrees Celsius.
Building upon these efforts, the IAI introduced Aluminium Forward 2030, a coalition uniting its production and downstream companies to expedite progress towards global net-zero targets through collaborative actions.
Conclusion:
The IAI’s latest initiative stands as a monumental step in the aluminium industry’s journey towards environmental sustainability and accountability. By setting transparent goals and fostering collaboration, the industry aims to significantly reduce its greenhouse gas emissions, aligning with global climate objectives.
