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New Energy World
New Energy World embraces the whole energy industry as it connects and converges to address the decarbonisation challenge. It covers progress being made across the industry, from the dynamics under way to reduce emissions in oil and gas, through improvements to the efficiency of energy conversion and use, to cutting-edge initiatives in renewable and low carbon technologies.
Accelerating industrial decarbonisation: The Climate Club’s journey from COP28 to today
18/9/2024
8 min read
Feature
The Climate Club, initiated in 2022 by the G7, was launched at COP28 by 35 countries and the European Union. It focuses on decarbonising industry in emerging and developing economies where much of the industrial growth will happen in the following years. To achieve near-zero emissions in industrial production, the Climate Club seeks to foster cooperation and collective action, write Anna Lockwood, Junior Policy Analyst, and Celia Pastor, Climate Club Communications Officer, both of the Organisation for Economic Co-operation and Development (OECD), which has hosted the Climate Club Interim Secretariat with the International Energy Agency (IEA) since mid-2023.
Keeping the global temperature rise below 1.5°C demands immediate, bold and ambitious action to drastically reduce emissions across all sectors, with the industry sector playing a crucial role. Industrial production is responsible for approximately 25% of global energy-related CO2 emissions. Despite its substantial impact, decarbonising industry remains a formidable challenge due to underdeveloped low-carbon technologies, high costs and the longevity of existing industrial assets. While progress has been made, it remains insufficient on a global scale.
Yet the industry sector also offers significant opportunities for employment, economic growth and the production of green technologies. This dual role underscores the importance of transforming the sector, especially in hard-to-abate industries like steel and cement, which are essential yet highly emission-intensive.
Tackling this challenge is the Climate Club.