The energy transition is rapidly progressing in areas where technologies, supportive policies and the business case for investments align. However, to achieve a net-zero future, faster advancements across all sectors and countries are required, particularly in hard-to-abate industries such as steel, aluminium, cement, primary chemicals, oil and gas, aviation, shipping and trucking. These sectors play an important role in our economies, with heavy industry alone contributing to around 30% of global gross domestic product (GDP)1. Signi cantly reducing emissions in these sectors present unique physical, macroeconomic, and business challenges.