In News:

• GMP was launched at COP29, on Energy Day, by the United Nations Industrial Development Organization (UNIDO) and the Climate Club.
• Aimed at accelerating industrial decarbonisation in heavy-emitting industries of emerging and developing economies (EMDEs).
• The platform addresses the annual funding gap of US$125 billion required to achieve net-zero emissions goals.

Key Highlights:

Support Mechanism:

• GMP operates as a support mechanism for the Climate Club, with the secretariat hosted by UNIDO.
• Activities are supported by the interim secretariat of the OECD and the International Energy Agency (IEA).

Key Objectives:

• Match country-specific decarbonisation needs with global technical and financial resources.
• Facilitate the decarbonisation of energy and emissions-intensive industrial sectors, such as steel, cement, chemicals, and aluminium.
• Offer assistance in policy development, technology transfer, and investment facilitation to promote low-carbon industrial practices.

Global Participation:

• Countries like Germany, Chile, Uruguay, Turkey, Bangladesh, and Indonesia are actively involved.
• Non-state actors include UNIDO, World Bank, Climate Investment Funds (CIF), and GIZ, supporting the platform’s initiatives.

Funding Gap:

• Industrial decarbonisation requires an increase in investments from US$15 billion (current) to US$70 billion by 2030, and US$125 billion by 2050, especially for sectors like steel and cement.

Climate Club Work Programme (2025-26):

• The GMP is part of the Climate Club's new work programme for 2025-26, focusing on:
  • Advancing ambitious climate change mitigation policies.
  • Transforming industries through decarbonisation.
  • Boosting international climate cooperation.

Industrial Decarbonisation:

• Decarbonisation refers to reducing carbon dioxide (CO2) and greenhouse gas (GHG) emissions from industrial activities.
• Key sectors for decarbonisation include petroleum refining, chemical manufacturing, iron and steel, cement production, and the food and beverage sector.

Support for EMDEs:

• The platform focuses on helping emerging and developing economies overcome challenges such as lack of resources, technology, and capacity to adopt cleaner industrial methods.
• Climate finance is crucial to pilot and scale low-carbon technologies in these regions.

Future Role of GMP:

• The GMP will play a critical role in incorporating industrial decarbonisation into countries’ Nationally Determined Contributions (NDCs) for COP30.
• The platform aims to accelerate progress by connecting developing countries with finance, technology, and expertise to transition to low-emission industries.