Olaf Scholz launches Climate Club at COP28

Reuters

German Chancellor Olaf Scholz announced the launch of an international Climate Club to aid developing nations in decarbonizing hard-to-abate industries. The club has 36 members and aims to standardize CO2 intensity calculation, define near-zero emissions for steel and cement, and match needs with technical and financing instruments. This initiative was revealed at the UN COP28 climate summit in Dubai. The club will provide investment signals and guidance for other countries.


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