With collaboration from Viviane Lucio
O Climate Investment Funds, one of the world’s largest multilateral climate funds, has announced the deployment of up to $1 billion in financing as part of its Industry Decarbonization investment program.
O The announcement was made during the ministerial day of the 15th Clean Energy Ministerial (CEM15) on Thursday (4). A call for expressions of interest was also launched, inviting developing countries to participate in this unprecedented program.
Eligible countries are invited to submit expressions of interest by 17 January 2025, at CIF.org.
“The future depends on decarbonizing high-emission sectors. To achieve our climate goals, we need industry emissions to fall by 20% by 2030 and 93% by 2050,” he stressed. Tariye Gbadegesin, CEO of Climate Investment Funds.
“Fundamentally, industrial decarbonization and green jobs in the supply chain can drive a just and prosperous transition. This is what CIF was created for, to accelerate the technologies of the future to solve our greatest climate challenges,” he added.
“The World Bank is increasing to our client countries to address the critical issue of industrial decarbonization to reduce emissions in this hard-to-abate sector that drives economic growth, competitiveness and job creation,” he said. Demetrios Papathanasiou, Global Director of the World Bank's Global Energy and Extractives Department.
“The new Climate Investment Funds Industrial Decarbonization Program will provide concessional finance that is vital to helping countries achieve their climate development goals and catalyze private sector investment,” he added.
Currently, the industrial sector s for a quarter of global greenhouse gas emissions, and that number is rising rapidly. This is because, according to the Climate Investment Funds, developing countries rely on industrial production to grow their economies.
For instance, on our trip to global demand for aluminum is expected to increase by 80% by 2050. Cement and steel are also increasingly needed, particularly to the transition to renewable energy.
CIF’s Industry Decarbonization programme will invest in pioneering low-carbon projects in these sectors with the aim of reducing the climate impact of high-emitting industries.
The program will stimulate innovation, provide proof of concepts for new technologies and promote a just transition. CIF financing will be deployed through partner multilateral development banks.
CIF’s Industry Decarbonisation investment programme is part of the US$8,6 billion Clean Technology Fund. Expressions of interest received will be assessed by a of independent experts who will make recommendations to the Clean Technology Fund Trust Fund Committee.
Global program will finance industry decarbonization projects
MME releases resources for green hydrogen projects
A national industry will feature around R$6 billion in investment for your decarbonisation by means of hydrogen hubs. The initiative has the of the partnership do Tax ID No. (Climate Investment Funds) and UK investment. The background international will make available low cost financing to leverage projects in the sector.
O anúncio was made this Thursday (03) by the Minister of Mines and Energy, Alexandre Silveira, during a meeting with the CIF President, Tariye Gbadegessin and the Minister of Climate for the Department of Energy Security and Net Zero from the United Kingdom, Kerry McCarthy, in Foz do Iguaçu (PR).
To leverage the initiative, the government will open a public call for receiving low-carbon hydrogen projects.
According to Silveira, the action seeks solutions that meet the eligibility criteria, aligned with CIF objectives and focused on decarbonisation of industrial sectors that are difficult to kill.
As selected proposals may compose the Brazil's investment plan to access financing, which can cover everything from engineering projects to the acquisition of equipment and working capital.
According to Silveira, these poles will serve to integrate the steps de production, storage e Services, connecting different sectors of the economy. “Structuring these hubs will allow us to meet not only local demand, but also become a competitive country in the global hydrogen scenario,” said the minister.
"That action é fundamental part of PNH2 (National Hydrogen Program), and is aligned with our three-year work plan 2023-2025. We want to consolidate low-emission hydrogen hubs in Brazil by 2035, taking advantage of our vast wealth of energy products and the creativity of our industrial sector,” said the minister.
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