(MENAFN) German Chancellor Olaf Scholz unveiled a groundbreaking initiative on Friday at the United Nations Climate Change Conference COP28 in Dubai, announcing the establishment of an international Climate Club. The initiative is designed to assist developing countries in investing in decarbonizing industries facing challenges in reducing emissions, such as steel, cement, and aluminum.

Chancellor Scholz revealed that the Climate Club already boasts 36 member countries, and its primary objective is to expedite the technical groundwork for a standardized calculation of carbon dioxide intensity in specific products. The establishment of unified metrics for emissions will aid in effectively addressing the complexities associated with reducing carbon footprints in challenging industries.

The Climate Club is envisioned as a comprehensive platform that goes beyond technical collaboration. It aims to create a space for member countries to align their needs with available technical expertise and financing tools from both private and public sectors. This collaborative approach seeks to provide tangible support for developing nations looking to make significant strides in decarbonization efforts.

During his address, Chancellor Scholz emphasized the far-reaching impact of the Climate Club, noting that it will not only send crucial investment signals to local industries but also serve as a guiding force for other nations grappling with similar challenges. The initiative is positioned as a practical step towards fostering global cooperation in the critical endeavor of transitioning high-emission industries towards more sustainable and environmentally friendly practices.

As COP28 unfolds, the launch of the Climate Club signals a proactive and collaborative effort by nations to address the pressing issue of climate change, demonstrating a commitment to shared responsibility and action on the international stage.

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