IAI REPORTS PROGRESS IN GREENHOUSE GAS REDUCTION INITIATIVE
LONDON, Nov. 7, 2024 /PRNewswire/ -- The International Aluminium Institute (IAI) has announced progress in its Aluminium Industry Greenhouse Gas Initiative, reporting member company ambitions, technology investments, and reporting plans.
Launched at COP28 in December 2023, this initiative tracks and publicly reports the greenhouse gas reduction ambitions and progress of IAI member companies, encouraging further steps in the sector's efforts to address climate change.
Key Highlights:
- 80% of IAI members have set long-term targets, many at net zero by mid-century.
- Majority of companies targeting 50% reduction in Scope 1 and 2 emissions by 2030
- Industry investing in innovative technologies, including low-carbon power and recycling
Pernelle Nunez, Deputy Secretary General and Sustainability Director of the IAI, said: "Our industry recognises its responsibility in the global fight against climate change. The progress we've made demonstrates our commitment to transparency and accountability as we work towards a sustainable future."
The Initiative has revealed encouraging trends in emissions reduction targets. Interim targets range from 10% to 50% reduction in emissions or emissions intensity, reflecting variance in company starting points". Half of the companies explicitly apply net zero targets to Scope 1 and 2 emissions, with a small number including Scope 3. Some member companies have set emissions intensity targets alongside or instead of absolute targets, and there is variation in how targets are structured across different companies.
Compared to interim targets, long-term goals show more consistency, with the majority aiming for net zero or neutrality by 2050, though only a few explicitly mention Scope 3 emissions. Some companies have aligned their targets with national commitments or set specific emissions intensity reduction goals instead of absolute net-zero targets.
"While we're encouraged by the commitments made so far, we recognise that more work lies ahead," Nunez commented. "Setting and publicly disclosing climate goals and targets help to focus efforts and encourage accountability. As the industry now shifts from ambition-setting towards action, demonstrating real progress towards those goals and targets will be critical."
The aluminium industry is investing in new technologies and processes, including inert anode technology, carbon capture and storage, and renewable energy sources for aluminium smelting. These innovations are crucial for achieving the sector's decarbonisation goals.
The IAI will continue to provide annual updates on member companies' emissions reporting and targets, fostering transparency and accountability. Despite recent progress, the IAI acknowledges that the industry's current trajectory is not aligned with the Paris Agreement's goals and encourages actors across the value chain to work more closely towards deeper emissions reductions to keep the Paris Agreement goals in reach.
"We're at a critical juncture," Ms Nunez explained. "The next decade will be crucial in determining whether we can limit global warming to 1.5°C. Our industry has a key role to play in the energy transition through the materials and products we offer but there is also an opportunity for it to be a leading example of industrial decarbonisation. To do so will require unprecedented effort and collaboration from all actors involved."
About International Aluminium Institute
The International Aluminium Institute (IAI) is the only body representing the global primary aluminium industry. The Institute has the most comprehensive global data on Aluminium with more than 50 years of analysis on production, consumption, energy use and environmental impact. For more information, visit www.international-aluminium.org, or connect with us on X and LinkedIn.
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SOURCE IAI
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