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Climate Club

By Amigos IAS

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.

Key Priorities

  • 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.

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