Governments representing more than 50% of GDP launch ‘Priority Actions’ to accelerate decarbonization

SHARM EL SHEIKH, Egypt – 11 November 2022: To accelerate decarbonization, governments representing more than 50% of global Gross domestic product (GDP), on Friday, launched a package of 25 new collaborative actions under the title “Priority Actions” to be delivered over one year starting from COP27 to COP28 due to convene in the UAE, said the Egyptian COP27 Presidency in a statement.

“The Priority Actions” aims at “decarbonize power, transport and steel, scale up low-emission hydrogen production and accelerate the shift to sustainable agriculture by COP28,” the statement said.

Countries committed to implementing these actions included the G7, European Commission, India, Egypt, Morocco and others, the statement continued.

The Priority Actions include agreements to:

•          Develop common definitions for low-emission and near-zero emission steel, hydrogen and sustainable batteries to help direct billions of pounds in investment, procurement and trade to ensure credibility and transparency.

•          Ramp up the deployment of essential infrastructure projects including at least 50 large scale net-zero emission industrial plants, at least 100 hydrogen valleys and a package of major cross-border power grid infrastructure projects.

•          Set a common target date to phase out polluting cars and vehicles, consistent with the Paris Agreement. Significant backing for the dates of 2040 globally and 2035 in leading markets will be announced by countries, businesses and cities on Solutions Day

•          Use billions of pounds of private and public procurement and infrastructure spend to stimulate global demand for green industrial goods.

•          Systematically strengthen financial and technological assistance to developing countries and emerging markets to support their transitions backed up by a range of new financial measures, including the world’s first major dedicated industry transition programme under the Climate Investment Funds.

•          Drive investment in agriculture research, development & demonstration (RD&D) to generate solutions to address the challenges of food insecurity, climate change and environmental degradation.

Today’s thematic day is tackling fast ways towards decarbonization in several industries like fertilizers, oil, and gas. Also, a panel was allocated to advance efforts in Decarbonization