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.