Pledges to support the transition to a net-zero steel sector are growing across both the private and public sector. In September, at Climate Week NYC, six signatory banks — including Citi, Crédit Agricole CIB, ING, Société Générale, Standard Chartered, and UniCredit — launched the Sustainable STEEL Principles (SSP), a climate-aligned finance agreement designed to help achieve net-zero emissions in the steel industry.
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The Indonesian JETP raises the country’s ambition for power sector decarbonisation and closely aligns to a pathway that delivers Indonesia’s target of net zero by 2060. At the G20 summit in Bali – and on the same day as COP27’s Energy Day – Indonesia announced its ‘Just Energy Transition Partnership’ (or JETP). The groundbreaking deal secures $20bn funding from the US, Japan and others to help Indonesia accelerate the transition from coal to clean electricity.
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After two-and-bit weeks of negotiations, the outcome of COP27 includes some firm steps forward on climate action. A historic loss and damage fund for responding to escalating climate impacts, renewable energy singled out as the route to addressing the energy crisis, and strong calls to reform international finance institutions to unlock more finance and fiscal space for climate action – along the lines of Barbadian PM Mottley’s Bridgetown Initiative – demonstrate climate collaboration in the face of turbulent geopolitics.
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COP27 Presidency launches several initiatives including Sharm El-Sheikh Methane Reduction Roadmap, East Mediterranean Gas Forum regional decarbonization initiative. Focus on most carbon-intensive sectors including steel, oil, gas, fertilizer and methane. Sessions bring together industry leaders, scientists, innovators, and policymakers to identify action pathways that save lives and livelihoods.
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