German Chancellor Olaf Scholz on Friday announced the launch of an international club to help developing nations invest in decarbonising hard-to-abate industries like steel, cement and aluminium.
The so-called Climate Club has 36 members so far and aims to accelerate the technical groundwork for a standardized calculation of CO2 intensity in selected products and plans to launch an exchange on defining near-zero emissions for steel and cement, Scholz said at the United Nations COP28 climate summit in Dubai.
The club will also set up a platform to match members’ needs with technical and financing instruments from private and public sector, Scholz added, confirming Reuters report from last week.
“This will not only send much-needed investment signals to our domestic industries but will also provide orientation for other countries,” he added.
