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The drive to decarbonise  industryA how-to guide for companies November 2023AcknowledgementsSustainable Markets InitiativeFounded by His Majesty King Charles III in 2020, as Prince of Wales, the Sustainable Markets Initiative has become the world’s “go-to” private sector organisation on transition. Launched in 2021, the Terra Carta serves as the Sustainable Markets Initiative’s mandate with a focus on accelerating positive results for Nature, people and planet through real economy action.Energy Transition Task ForceBy invitation, executives from some of the world’s largest and most influential industrial, energy, and financial companies have come together to form the Energy Transition Task Force. This task force is charged with determining how companies from across the energy value chain, individually and collectively, can play a leading role in driving and accelerating the transition to a sustainable future.The Decarbonising Industry Working Group is one of multiple Energy Transition Task Force working groups that serve as a collaborative platform for member companies to identify and develop carbon emission abatement solutions.The Decarbonising Industry Working Group is focused on three of the hardest-to-abate industries — steel, aluminium, and mining. Besides companies from these industries, the working group also includes selected energy and technology companies that are interested in supporting carbon emissions abatement efforts in these industries.In total, there are 11 members in the working group: Mining companies Anglo American and Rio Tinto, aluminium producer Emirates Global Aluminium (EGA), steelmaker Tata Steel, metals producer and trader Glencore, renewable energy producers Masdar, Orsted, Octopus Energy, and ReNew, technology company Siemens Energy, and global energy corporation bp. Oliver Wyman supported Masdar in leading this working group.Working group membersMasdar CEO IntroductionMohamed Jameel Al Ramahi, Chief Executive Officer, MasdarAs the energy transition continues to gain traction, there still remains a number of obstacles preventing it from accelerating, something that we know is needed in order to contain global emissions to 1.5 degrees Celsius in line with the goals of the Paris Agreement.One of those obstacles is the decarbonisation of critical hard-to-abate sectors such as steel, aluminium, and mining. Altogether, these sectors contribute approximately 12% of global carbon dioxide emissions, representing a tremendous opportunity to significantly drive down emissions.1, 2With that goal in mind, Masdar, a global clean energy pioneer, is proud to be leading the Decarbonising Industry Working Group as part of the Sustainable Markets Initiative’s Energy Transition Task Force. After bringing together leading companies from across the energy and hard-to-abate sectors, the Decarbonising Industry Working Group is now ready to launch our first deliverable “How-to Guide,” focused on exploring tangible solutions for decarbonisat