Industry is currently facing major challenges. Companies must overcome the dramatic consequences of the corona crisis, but also in the coming years need to make investments in new climate-friendly technologies that will allow to achieve a climate-neutral economy in 2050. The Green Business Dialogue, a platform for dialogue between business and policy-makers associated with the green party, in 2020 organised an expert forum on energy intensive basic materials industry. In this forum, actors from business, policy-making and science discussed policy instruments for supporting industry transformation and enabling the necessary investments. The Wuppertal Institute provided a scoping paper for the forum which summarises the state of the current expert debate on key policy instruments and discusses key design issues. The paper was developed through intensive exchange with the members of the forum, and it was presented in several meetings. It focuses on instruments for an international level playing field, carbon contracts for difference, and options for energy price reforms.