Business Leaders Press COP31 Presidency for Binding Commitments on Clean Energy and Heavy Industry Decarbonisation

A coalition of international business leaders has published an open letter calling on the COP31 Presidency to deliver concrete global policy commitments on clean electrification and the decarbonisation of heavy industry, including the maritime and shipping sectors that remain among the most challenging to abate. According to PR Newswire, the signatories warn that without new and meaningful policy support, global warming is projected to reach 2.6°C by 2100 — well above the 1.5°C target enshrined in the Paris Agreement and the 2°C threshold that scientists consider a critical boundary for avoiding the most severe climate impacts. The letter calls for clean electricity to account for more than 50% of final energy demand by mid-century, a target that carries significant implications for port infrastructure, vessel electrification, and the development of alternative marine fuels such as green hydrogen and ammonia. 'Heavy industry' — a category that encompasses shipbuilding, steel production, and the broader maritime supply chain — is specifically identified as a priority sector requiring accelerated policy intervention. The business leaders argue that relying solely on market forces and waiting for clean technologies to become cost-competitive will not deliver emissions reductions at the pace required. For the maritime industry, the letter reinforces growing pressure on shipowners, operators, and port authorities to align capital investment strategies with decarbonisation pathways ahead of tightening International Maritime Organization (IMO) regulations. The IMO's revised greenhouse gas strategy, adopted in 2023, targets net-zero emissions from international shipping by or around 2050. The appeal to the COP31 Presidency — Australia is set to host the conference in 2026 — signals that the business community is seeking regulatory certainty to underpin investment in low- and zero-emission technologies. For shipping, this includes onshore power supply at ports, battery-electric and fuel-cell propulsion systems, and the scaling of green fuel production and bunkering infrastructure. The timing of the letter is notable, coming as the IMO prepares further deliberations on a market-based measure for shipping emissions and as the European Union's Emissions Trading System continues its phased inclusion of the maritime sector. Industry observers note that clear governmental commitments at COP31 could accelerate private sector investment in the green shipping transition, providing the long-term policy signals that financiers and asset owners require before committing to large-scale decarbonisation projects.