Global platform for decarbonization partnership launched at COP29

A Global Matchmaking Platform (GMP) for industrial decarbonization has been launched in Baku during COP29.

According to Report, the GMP platform was launched by UNIDO and the international Climate Club initiative with initial funding from the German government.

Event participants stated that the platform is open to developing countries and emerging market economies. It connects specific countries' needs with global technical and financial assistance to reduce emissions in energy-intensive and high-emission industrial sectors.

"This platform is made necessary by the lack of funding for transforming the industrial sector towards carbon neutrality," said Parliamentary State Secretary to the Minister for Economic Affairs and Climate Action, Stefan Wenzel.

In turn, Turkish Deputy Minister of Industry and Technology, Kasim Gonullu, noted that Türkiye has published a roadmap to achieve carbon neutrality by 2053.

"Our roadmaps show that by 2053, we can achieve emission reductions of 99% in steel production, 93% in cement production, and 75% in aluminum production. Turkiye needs to invest more than $70 billion in the aforementioned industries for green transformation. Therefore, we are creating an investment platform aimed at attracting more than 5 billion euros in investments for green transformation, which will reduce emissions by 20 million tons per year," he stated.