COP29 Global Pledge on Scaling International Assistance for Industrial Decarbonisation
At COP29, in support of the finance and investment priority actions under the Steel and Cement & Concrete Breakthroughs, the United Kingdom and Germany pledged over $420m towards industrial decarbonisation efforts in Emerging Markets and Developing Economies. In addition, the Climate Investment Funds’ Industry Decarbonisation Investment Programme plans to deploy up to $1bn in concessional finance in support of this agenda. This joint commitment by the United Kingdom, Germany and the CIF will scale industry decarbonisation support to over $1.3bn.
This first of its kind pledge for industrial decarbonisation – also supported by Canada, UN Industrial Development Organisation (UNIDO), Mission Possible Partnership (MPP), IRENA’s Alliance for Industrial Decarbonisation (IRENA AFID), Climate Club, and the Breakthrough Agenda – is designed to mobilise additional commitments from governments and philanthropies and to catalyse investments from the private sector, from 2025 and beyond through the Presidencies of the G7, G20 and COP30.