Syllabus: GS3/ Environment and Pollution
Context
- On the Energy Day at COP29, the United Nations Industrial Development Organization (UNIDO) and the Climate Club launched the Global Matchmaking Platform (GMP).
Global Matchmaking Platform (GMP)
- GMP aims to bridge the gap between the demand for industrial decarbonisation solutions and the resources needed to implement them, particularly in heavy-emitting industries.
- The platform is designed to:
- Address Funding Challenges: Aims to tackle the annual funding gap of $125 billion required to meet net-zero goals.
- Provide Tailored Solutions: Matches the unique industrial decarbonisation needs of various countries with technical and financial resources.
- Foster Collaboration: Strengthens cooperation between governments, international organisations, and private entities.
- Participants include Germany, Chile (co-chairs of the Climate Club), Uruguay, Turkey, Bangladesh, Indonesia, and non-state actors like the World Bank and Climate Investment Funds (CIF).
Need for Industrial Decarbonisation
- Heavy industries like steel, cement, and chemicals contribute 70% of CO₂ emissions from the industrial sector.
- Decarbonisation is critical to meet global climate goals, including the Paris Agreement targets.
- Sustainability: Industrial decarbonisation reduces reliance on fossil fuels and encourages the adoption of renewable energy and circular economy practices.
- Economic Growth: Transitioning to green industrial methods fosters innovation, creates jobs in clean technology sectors, and ensures long-term economic resilience.
Challenges in Industrial Decarbonisation
- Financial Constraints: Annual investments in net-zero industrial technologies need to increase from $15 billion to $70 billion by 2030, reaching $125 billion by 2050.
- Emerging and Developing Economies (EMDEs) face hurdles such as limited resources, outdated technology, and development priorities, making industrial decarbonisation challenging.
- Policy and Regulatory Hurdles: Inconsistent global standards and regulations for industrial decarbonisation impede progress.
Way Ahead
- Enhanced Funding Mechanisms: Encourage private sector participation through incentives and risk-sharing mechanisms to bridge the funding gap.
- Capacity Building: Promote research in clean industrial processes, and provide technical assistance for institutional capacity enhancement in EMDEs.
- Policy Alignment: Align industrial decarbonisation goals with national priorities, and foster inclusive global cooperation under the Climate Club.
| Initiatives for Industrial Decarbonization – Global: 1. EU’s Carbon Border Adjustment Mechanism (CBAM): Prevents carbon leakage with tariffs on carbon-intensive imports. 2. Green Hydrogen Initiatives: Led by countries like Germany and Japan to decarbonize heavy industries. 3. Global Cement and Concrete Association (GCCA): Targets net-zero emissions by 2050 using alternative fuels and carbon capture. – Indian: 1. National Hydrogen Mission: Pushes green hydrogen to decarbonize steel and cement. 2. PAT Scheme: Reduces energy consumption in energy-intensive industries. 3. Zero Effect Zero Defect (ZED): Encourages SMEs to adopt sustainable practices. 4. Renewable Energy Targets: Aims for 500 GW capacity by 2030 to green industrial energy. – Climate Club 1. The Climate Club, is an international coalition that fosters collaboration on decarbonising industrial sectors. 2. It was established at COP28 and has 38 member countries including the European Union, Kenya, and Switzerland. 3. Its 2025–26 work programme focuses on three pillars: (i) Pillar 1: Advancing ambitious and transparent climate change mitigation policies, (ii) Pillar 2: Transforming industries, (iii) Pillar 3: Boosting international climate cooperation and partnerships. |
Source: DTE
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