Today was Science and Innovation Day at COP 26 where several announcements of new initiatives backed by global coalitions and governments have been revealed. As a result of these new global climate focus areas, in the energy sector we can expect to see increased investment in carbon sequestration projects and bio-refinery innovations. Additionally, innovative solutions will be required to be developed in the steel and concrete markets and within health care systems to meet the goals announced today.
Four new Mission Innovation missions were announced as part of the Science and Innovation Day. Mission Innovation is a collaboration of 22 Governments and the European Commission aimed at catalyzing investment to accelerate technologies that will reduce global emissions. Previously, there were three missions first announced in July 2021 focused on power systems, hydrogen, and shipping. Today, urban transitions, carbon dioxide removal ("CDR"), net zero industries, and bio-refineries were added to the roster. The CDR Mission will be led by the U.S., Saudi Arabia, and Canada with a goal of enabling CDR technologies to achieve a net reduction of 100 million metric tons of CO2 per year globally by 2030. The bio-refinery mission, lead by India and the Netherlands, aims to make bio-based alternatives cost-competitive, with more information to follow in 2022.
Under the Industrial Deep Decarbonisation Initiative (IDDI) the UK, India, Germany, Canada and UAE will work together to create new markets for low carbon steel and concrete. The IDDI effort includes a pledge to achieve net zero in major public construction steel and concrete by 2050, and to work towards a yet to be announced emission reduction for 2030.
A goal of creating Health Systems able to withstand the impacts of climate change which are low carbon and sustainable has also been committed to by 47 countries today. Twelve of these counties have set a deadline of 2050 by which their health system will reach Net Zero.