Recently, the United Nations Industrial Development Organization (UNIDO) and the Climate Club launched the Global Matchmaking Platform (GMP) On the Energy Day at COP29.
- The Global Matchmaking Platform (GMP) is a new initiative to accelerate industrial decarbonization.
- The GMP, hosted by the United Nations Industrial Development Organization (UNIDO) will connect countries with the right resources and expertise to implement decarbonization projects.
- Objective: To accelerate decarbonisation in heavy-emitting industries.
- Addresses the $125 billion annual funding gap required to achieve net-zero emissions goals.
- Key Features of the GMP
Enroll now for UPSC Online Classes
What is Industrial Decarbonisation?
- Industrial decarbonisation is the process of reducing carbon dioxide (CO2) and other greenhouse gas (GHG) emissions from industrial activities.
- It is essential for mitigating climate change and achieving global sustainability targets.
Key Sectors Requiring Decarbonisation
- Petroleum Refining : Reducing emissions from processes like hydrocracking and catalytic cracking.
- Chemical Manufacturing: Enhancing energy efficiency and using low-carbon feedstocks.
- Iron and Steel: Adopting energy-efficient methods and implementing carbon capture technologies.
- Cement Industry: Lowering emissions from high-temperature kilns and using alternative fuels.
- Food and Beverage Sector: Focusing on energy efficiency and minimizing waste.
|
-
- Functions as a support mechanism for the Climate Club, with the secretariat hosted by UNIDO.
- Supported by the interim secretariat jointly hosted by the OECD and the International Energy Agency (IEA).
- Facilitates matchmaking to meet the specific needs of countries by linking them to technical and financial resources.
- Participants and Partnerships
-
- State parties present: Germany, Chile (co-chairs), Uruguay, Turkiye, Bangladesh, and Indonesia.
- Non-state participants: UNIDO, World Bank, Climate Investment Funds (CIF), GIZ, and others.
- Focus on strengthening partnerships between governments, international organisations, and the private sector.
The Benefits
- Identification of decarbonization needs: The GMP will help countries identify and prioritize their decarbonization needs.
- Facilitation of global partnership: It will facilitate partnerships between governments, international organizations, and the private sector.
- Mobilizing financial support: The platform will mobilize the necessary funding to support decarbonization projects.
Check Out UPSC NCERT Textbooks From PW Store
Climate Club and Work Programme
- The Climate Club, launched at COP28, promotes international collaboration in industrial decarbonisation.
- The GMP is a key component of the Club’s efforts to accelerate industrial decarbonization.
- Current work programme (2025–26) focuses on three pillars:
- Ambitious climate mitigation policies.
- Industrial transformation.
- Strengthened international cooperation.
- Role of GMP in 2025–26 Work Programme
- GMP will assist in incorporating industrial decarbonisation into Nationally Determined Contributions (NDCs) for COP30.
November 27, 2024
