The members of the Climate Club, created at the initiative of Germany, plan to set targets for the production of environmentally friendly steel and cement by the 31st UN Climate Conference, German Environment Minister Carsten Schneider said at the 30th conference in Belem, Brazil.
The club members agreed that in Belem, due to the global promise to develop steel and cement markets with near zero emissions and low emissions of harmful substances, seeking to increase the share of environmentally friendly steel in the global market through national policies and international cooperation.
This can "potentially" lead to the establishment of quantitative indicators for both environmentally friendly steel and cement. "Cement for Cop 31," Schneider said at a Cop 30 side event in Belém. Schneider called it "a good example of how the Climate Club promotes leading markets and strengthens business arguments in favor of climate-friendly production." Cop-31 is scheduled to be held at the end of 2026, although the venue has not yet been determined.
Today, the club also presented a joint statement and a roadmap for international assistance and partnership for the transition to a green industry. Work under the roadmap will focus on areas such as mobilizing investment, stimulating demand for environmentally friendly products, increasing transparency through carbon accounting, and developing and scaling agreed or harmonized environmental standards and definitions.
At the moment, the joint statement has been approved by Australia, Brazil, Canada, Germany, Indonesia, Kazakhstan, Kenya, Sweden and the United Kingdom, as well as organizations such as the African Development Bank, the international non-profit program the Industrial Transition Accelerator, Climate Investment Funds (CIF) supported by the World Bank, the Green Climate Fund and the International Agency on renewable energy sources.
Germany, the United Kingdom, and CIF jointly allocated $1.3 billion to Cop29 last year as climate change finance to develop low-carbon manufacturing processes and environmentally friendly lead markets in developing countries.
CIF Executive Director Tarie Gbadegesin said at a side event today that the first seven partner countries, which include Brazil, Mexico and Turkey, could receive up to $250 million in concessional capital to "unlock additional financing," which could be ten times more.
According to Gbadegesin, the volume of industrial output may exceed $1 trillion by 2030.
Today, Schneider also announced,
