Recent studies claim that national policies fall short of the ambitious goal to limit global temperature increase to well below 2°C, preferably 1.5°C, revealing an ambition gap between current commitments and those needed to reach climate neutrality. To bridge this gap, commitments must increase more than fivefold to achieve the necessary reduction in GHG emissions. Voluntary initiatives (VIs), gaining interest as an approach to support the Paris Agreement's ambition, have the potential to bridge the commitment gap and limit the expected temperature increase to 2°C if all their voluntary commitments to climate neutrality are fulfilled. While decarbonizing the manufacturing sector is crucial for climate targets, no prior study has explored the theoretical potential of industry-related VIs to bridge the gap for industrial decarbonization. This paper addresses this gap by examining the potential contribution of these VIs, analyzing criteria related to arena and agenda creation, operationalization, and accountability. By applying the transition management framework innovatively, the study investigates eighty-three industry-related VIs led by both state and non-state actors. The research process, involving the development of an analytical framework, VIs selection, data collection and validation, categorization, and analysis, provides insights into how the design affects VIs' potential for industrial decarbonization. The main findings highlight, firstly, the need for clearly defined and measurable targets, enhanced commitments, and robust accountability mechanisms, especially for non-state actor-led initiatives. Secondly, increased participation from energy-intensive sector companies due to their pivotal role for GHG emission reduction. Lastly, collaboration between state and non-state actors is critical for bridging the decarbonization gap in manufacturing industries. Additionally, the similarity between VIs and voluntary agreement programs (VAPs) is highlighted, with VAPs been overseen by governmental bodies with administrative authority. Given the urgency of addressing climate change, an unanswered question remains: Will future policies transition away from voluntariness towards more mandatory administrative character?