LONDON (Reuters) – Weak demand for green products is curbing needed investment of up to $700 billion in low-carbon projects in heavy-emitting industries such as aluminium, steel and cement, an initiative launched at last year’s United Nations Climate Summit says.
Over 450 large-scale industrial projects globally are seeking hundreds of billions of dollars of investment to slash carbon emissions, the Industrial Transition Accelerator (ITA) said in a statement on Thursday.
The ITA was set up at the COP28 summit in Dubai to stimulate needed investment in green projects.
The six heavy industry sectors examined in the report – aluminium, cement, chemicals, steel, aviation and shipping – contribute approximately 30% of all global CO2 emissions, the ITA said.
“To keep on track with Paris-aligned climate targets, a critical mass of large-scale projects… must reach their final investment decision in the next 2-3 years,” the group said.
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