Germany's Scholz announces Climate Club to help developing countries cut industry emission

Germany's Scholz announces Climate Club to help developing countries cut industry emission

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Germany's Scholz announces Climate Club to help developing countries cut industry emission

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BERLIN (Reuters) - German Chancellor Olaf Scholz on Friday announced the launch of an international club to help developing nations invest in decarbonising hard-to-abate industries like steel, cement and aluminium.

The so-called Climate Club has 36 members so far and aims to accelerate the technical groundwork for a standardised calculation of CO2 intensity in selected products and plans to launch an exchange on defining near-zero emissions for steel and cement, Scholz said at the United Nations COP28 climate summit in Dubai.

The club will also set up a platform to match members' needs with technical and financing instruments from private and public sector, Scholz added, confirming Reuters report from last week.

"This will not only send much-needed investment signals to our domestic industries but will also provide orientation for other countries," he added.




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