The following report was prepared and published by our sister platform SPEEDA—September 2022.

With the 2015 Paris Agreement aiming to attain net-zero greenhouse gas (GHG) emissions by 2050, countries and companies are placing increasing emphasis on carbon neutrality. The global heavy industry plays a significant role in this regard given that the materials it produces—which are generally key inputs in major value chains (construction, automobiles, etc.)—are responsible for a massive quantity of GHG emissions globally.

Moreover, conventional materials harm the environment, as indicated by the high levels of carbon dioxide (CO2) they release into the atmosphere. The buildings segment’s subsector materials of iron, steel, and cement were responsible for a majority of CO2 emissions, accounting for a share of around 59% in 2020, compared with roughly 48% a decade before that.