Climate investment funds – the multilateral lending body – chose Brazil, Egypt and Mexico among 7 medium -income countries to take advantage of a billion dollar program to reduce emissions from its industrial sectors.
In addition to Namibia, South Africa, Turkey and Uzbekistan, which was chosen from among 26 applicants, the group will now work with investors to reach a detailed plan on how to remove carbon from the sector, which represents one third of the global emissions.
All countries will be able to reach cheap funding from the investment program in carbon removal from the carbon investment fund, as each dollar is expected to attract $ 12 of funding from other sources, including development banks and the private sector.
The industry program, which is part of the 9 billion dollar technology fund, allows the guidance of 100% of the financing to the projects led by the private sector or those that attract large joint private investments, with a minimum of 50%.
“Removing carbon from the industry not only related to emissions, but rather relates to providing prosperity in the long term and future functions,” said CEO of the Carbon Investment Fund, Taria Gabdigisin.
“It is related to the production of low -carbon industrial inputs, which is urgently needed to expand the capacity of renewable energy and operate the global economy.”
The Infrastructure Investment Fund was established in 2008 with a support of $ 12.5 billion, and the fund provides grants in the early stages and soft loans that can help attract financing from other investors who have less risk.
The industrial sector is one of the largest greenhouse gases that cause global warming as a result of burning fossil fuels. These emissions are concentrated in industries such as steel, cement, chemicals, agriculture and textiles, in addition to the energy sector, which is the largest source of emissions.