Seven countries to receive $1bn towards industrial decarbonisation

Brazil, Egypt, Mexico, Namibia, South Africa, Turkey, and Uzbekistan have been selected for the Climate Investment Funds’ (CIF) first industrial decarbonisation initiative.

The multilateral programme is dedicated to reducing industrial greenhouse gas (GHG) emissions in developing countries and boosting their economic competitiveness, with the value of green industrial goods projected to reach $2 trillion by 2030.

The seven countries will collaborate with multilateral development banks and private sector partners to develop investment plans, which will be submitted to CIF’s governing board for endorsement.

They will then gain access to highly concessional funding to scale up clean and circular technologies, such as green hydrogen, waste heat recovery, and low-carbon materials (steel, aluminium, and cement) that are critical to the global energy transition.

The programme allows up to 100% of the financing to be directed towards private sector-led projects or those attracting significant private co-investments, with a mandatory minimum allocation of 50%.

Additionally, it focuses on safeguarding and reskilling the workforce, ensuring vulnerable communities are supported and workers are equipped to seize future-proof green job opportunities.

The industry decarbonisation investment program is part of CIF’s $9bn Clean Technology Fund (CTF).

Tariye Gbadegesin, CEO of CIF, said decarbonising industry was about more than reducing emissions. It was, about securing long-term prosperity and jobs of tomorrow, she said.

“And it’s about producing the low-carbon industrial inputs that are urgently needed to expand renewable energy capacity and power the global economy.”