CashNews.co
High-emitting industries are grappling with the financial burden of implementing more than 450 large-scale low-carbon projects, as per the Industrial Transition Accelerator (ITA), a UN-supported initiative. The weak demand for green products is cited as the primary obstacle.
Removing this ‘critical investment barrier’ could potentially release $700 billion in financing by 2030, dramatically aiding in the decarbonization of key sectors like steel, chemicals, aluminum, aviation, shipping, and cement, which together account for about a third of global CO2 emissions.
Launched during the COP28 climate talks in Dubai last year, the ITA collaborates with industries, investors, and governments to facilitate the green transition for these ‘hard-to-abate’ sectors. However, translating project announcements into real-world construction remains challenging, despite the availability of necessary technologies, according to Faustine Delasalle, executive director of the ITA Secretariat.
(With inputs from agencies.)