Companies, including the world's largest metallurgical company Arcelor Mittal and oil giant Shell, participating in the agreement, represent seven global industries - steel, cement, chemical, aluminum, marine, aviation and automotive - which together account for almost a third of the world's greenhouse gas emissions.
The deal, dubbed "Partnership - Mission Achievable," commits these companies to work with competitors, investors, suppliers and buyers to develop "climate change agreements" by 2024 to achieve zero net emissions by 2050.
The partnership aims to accelerate global efforts to tackle climate change in line with the Paris Climate Agreement to achieve the goal of halting global temperatures to 1.5 degrees Celsius.
International climate negotiations are expected to gain momentum today after US President Joe Biden announced Washington's return to the Paris climate agreement.
Funding for the Mission Doable Partnership came from Amazon founder Jeff Bezos 'Bezos Earth Fund and Microsoft founder Bill Gates' Breakthrough Energy Fund.