Climate Investment Funds to invest $1B to help green industries

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The multilateral group says in a statement the money would help decarbonise sectors such as cement, steel, iron and chemicals.

To reduce the environmental impact of the sector, CIF's industry decarbonisation program will aim to fund cleaner ways of working. / Photo: AP Archive

Ahead of the 15th Clean Energy Ministerial in Brazil on Thursday, CIF said in a statement the money - funded through CIF's $8.6 billion Clean Technology Fund - would help decarbonise sectors such as cement, steel, iron and chemicals. They currently account for around a quarter of global greenhouse gas emissions, and demand is set to grow sharply by mid-century, in part because of the need for more of all of those materials in the shift to a low-carbon economy.

To reduce the environmental impact of the sector, CIF's industry decarbonisation program will aim to fund cleaner ways of working and for the first time will accept joint pitches for investment from public and private organisations.

 

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