IRENA and Industry Leaders Launch the Alliance for Industry Decarbonization

Source: The post is based on the article “IRENA and Industry Leaders Launch the Alliance for Industry Decarbonization” published in IRENA on 1st September 2022.

What is the News?

The International Renewable Energy Agency (IRENA)and 13 companies across all industry sectors have launched the Global Alliance for Industry Decarbonization.

What is the Global Alliance for Industry Decarbonization?

Aim: To accelerate net-zero ambitions and decarbonisation of industrial value chains in pursuit of the 2015 Paris Agreement climate goals.

Declaration: It was formed under the Bali Declaration adopted during IRENA’s Investment Forum on Energy Transitions held in Bali, Indonesia.

Working: The alliance is intended to provide a platform for the industry to exchange and collaborate to contribute towards the achievement of countries’ net zero goals. It will strengthen dialogue and coordinate action by industrial stakeholders from across the public and private sectors.

Founding members: It includes Siemens Energy Enel Green Power, TAQA Arabia, JSW (India), Tata Steel (India), Sable Chemicals, Repsol, Equinor among others.

First meeting: It is planned to take place at COP27 in Sharm El Sheikh, Egypt in November 2022.

Significance of the alliance: Around 25% of global GDP is produced by the industrial sector, but it also emits around 28% of Green House Gas (GHG) emissions.

The industrial sector is also the second-largest emitter. Hence, this alliance was launched as it will help the Industrial Sector in rapid decarbonisation.