While decarbonization is starting to progress in many sectors, the low-carbon pathway for hard-to-abate industries remains uncertain. The chemicals, cement, steel industries, along with heavy transport, will require deep institutional reform as well as technological breakthroughs to achieve climate goals. What will be the roles of hydrogen and CCUS in this reform? What are the incentives needed to trigger the appropriate development? How will decarbonization transform the industrial competitive landscape and trade flows?