Industry is a major source of greenhouse gas emissions – and, without rapid decarbonization, it may be the top source of emissions by 2030. If we are to achieve net zero emissions by mid-century, industrial emissions need to drop by 20 percent by 2030 and 93 percent by 2050.
We know how to get there: Many key technologies are already in place, and others are under development. But the costs are significant, particularly for middle-income countries. To accelerate progress, last year CIF launched the Industry Decarbonization Program.
On July 22, as part of the 14th Clean Energy Ministerial and 8th Mission Innovation (CEM/MI-8) in Goa, CIF is co-hosting with LeadIT and the Industrial Deep Decarbonization Initiative (IDDI) a strategic high level event focused on how to unlock large-scale financing to enable a shift to net-zero, climate-resilient industry in developing countries.
A growing number of countries, including India, but mainly in Europe, are creating roadmaps for decarbonizing heavy-emitting industries such as steel, cement, aluminum, petrochemicals, shipping, and aviation. Achieving those visions will require coordination between governments, the climate finance community, and the private sector. CIF’s business model, based on a country-led, programmatic, and highly collaborative approach, is well suited to that challenge.
The event in Goa will bring together senior leaders from industry in India and elsewhere, key international organizations, multilateral development banks (MDBs), and governments. They will discuss where finance is needed, how the public and private sectors can best work together, and how to catalyze investment to achieve just transitions in industry in developing countries.
A key question is how best to channel concessional resources to where they can be most effective and have a transformational effect. The discussion will explore what kinds of investments are likeliest to replication and scaled-up investments across the developing world.
“Thriving industries are crucial to the growth and prosperity of emerging economies, and that means there’s no time to waste in shifting to zero-carbon and climate-resilient solutions,” said Daniel Morris, CIF’s Clean Energy Lead. “We know that strategically deployed concessional finance can unleash innovation and crowd in significant private investment. We look forward to learning from the diverse perspectives that will be at the table with us in Goa.”