This report has been commissioned by the European Climate Foundation. It is part of the Industrial Transformation 2050 project and the Net-Zero 2050 series, an initiative of the European Climate Foundation with contributions from a consortium of experts and organisations.The mission of Industrial Transformation 2050 is to co-develop,together with basic manufacturing and manufacturing industry and other stakeholders, pathways and policy options to enable a net-zero heavy industry in Europe by 2050, in line with the objectives of the Paris Ag-reement, while strengthening industrial competitiveness and the EU’s overall economic development and performance.