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Germany and Chile plan to set up a government club at the COP28 climate summit to support decarbonizing industries in developing countries, especially steel and cement manufacturing. This could alleviate trade concerns caused by an EU carbon border tax.
The club will launch a platform to connect emerging and developing countries with government, private sector financial and technical support to decarbonize the industry. The statement will be released at the COP28 launch event and emphasizes the promotion of policy frameworks conducive to accelerated decarbonization, including attempts to harmonize international green industry standards.
The German and Chilean prime ministers will discuss club plans at the meeting with the heads of organizations including the World Bank, African Development Bank and World Trade Organization.
The club is similar to offering an olive branch of cooperation to countries angered by an EU carbon border tax to clean up the industry rather than punish it.
(Source: Reuters Image source: freepik)
