Global Matchmaking Platform Launches at COP29

November 28, 2024

The Global Matchmaking Platform (GMP) was launched during Energy Day at COP29, which is a collaboration between the United Nations Industrial Development Organization (UNIDO) and the Climate Club. It aims to address emissions from high-polluting industries. An important funding gap of $125 billion annually was brought into light as necessary for achieving net-zero emissions.

Objectives of the GMP

The GMP seeks to provide tailored support to countries based on their unique needs. It is integral to the Climate Club’s efforts. The platform will facilitate pilot projects in various nations. Countries involved include Argentina, Colombia, Chile, Egypt, Indonesia, Kenya, Morocco, and Cambodia.

Funding and Investment Needs

Current investments in heavy-emitting industries are around $15 billion annually. This figure must rise to $70 billion by 2030 and $125 billion by 2050. Industries such as steel, cement, chemicals, and aluminum contribute to CO2 emissions. These sectors account for 70% of global industrial emissions.

Challenges for Emerging Economies

Emerging and developing economies (EMDEs) face unique challenges. They often lack the resources and technology needed for cleaner industrial practices. A report indicated that industry received only 1.4% of climate finance from 2018 to 2022.

Role of International Cooperation

Countries like Germany, Turkey, and Bangladesh are collaborating to enhance cooperation. Key organisations involved include the World Bank and the Climate Investment Funds (CIF). The COP29 President, Mukhtar Babayev, stressed the importance of the GMP for climate goals.

Future Plans for the GMP

The GMP is part of the Climate Club’s 2024 work program, which focuses on advancing climate policies and transforming industries. By 2025-26, the GMP aims to integrate industrial decarbonization into national climate plans. This will be further discussed at COP30.

Experts highlight the need for support for small and medium-sized enterprises in developing countries. These industries also contribute to emissions and require technical and financial assistance for a sustainable transition.

Important Facts for Exams:
Global Matchmaking Platform (GMP) – The GMP connects developing countries with financial resources. It aims to support industrial decarbonization and is essential for achieving net-zero emissions.
Emerging and Developing Economies (EMDEs): EMDEs face unique challenges in adopting cleaner practices. They often lack resources and technology, hindering their ability to reduce industrial emissions effectively.
Climate Club: The Climate Club, launched at COP28, includes 38 member countries. It focuses on decarbonising industries and enhancing international cooperation in climate change policies.

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