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.
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