COP 27: 12-month plan to speed up industry emission cuts

14 Nov 2022 CW Team

Countries representing more than half of the global economy announced plans on Friday to help accelerate the low-carbon transition by reducing emissions in sectors such as power, transportation, and steel.

The United States, Germany, Japan, and Canada were among those to back a set of 25 "Priority Actions" announced at the COP27 climate talks in the Egyptian coastal resort of Sharm el-Sheikh, which they hope to unveil by next year's talks in Dubai.

They hope that by agreeing on a set of steps collectively, they can send a clear signal to the market of policy direction, encouraging investors and companies to act.

The Priority Actions, which were originally established as the "Breakthrough Agenda" at the COP26 climate talks in Glasgow, now include hydrogen and agriculture, with buildings and cement due to be added in 2023.

Companies will form coalitions for each sector, led by a core group and reinforced by finance and industry groups working on the same issues.

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