Why is it in the news?
- Leaders of COP28 to the UNFCCC launched the Climate Club, focusing on international cooperation to decarbonize the industrial sector.
More about Climate club
- Led by Germany and Chile, the Club has gained support from 36 member countries.
- Members include Kenya, the European Union, Switzerland, among others.
- Notably, India is not a member of the Climate Club.
- The Climate Club currently represents 55 percent of the global economy.
- A secretariat will be formed to implement the work program of the Climate Club.
- Currently, the Organisation for Economic Co-operation and Development (OECD) and the International Energy Agency (IEA) serve as joint interim heads of the secretariat.
- Standardizing emission calculations for carbon dioxide (CO2) intensities of specific products.
- Strategic discussions on defining net-zero emissions for steel and cement.
- Establishment of a platform to match member needs with available financing instruments from the public and private sector.