FILE - Steam rises from the coal-fired power plant Niederaussem, Germany, Wednesday, Nov. 2, 2022. AP
The master plan falls under the Breakthrough Agenda, a programme initiated at COP26 meant to help limit warming to 1.5 degrees Celsius by providing a framework for countries, businesses and civil society to strengthen their actions yearly in key emitting sectors.
The master plan is designed to cut energy costs, rapidly reduce emissions and boost food security for billions of people worldwide, according to a statement released by United Nations media centre on Friday.
The actions target sectors accounting for more than 50 percent of global greenhouse gas emissions.
Buildings and cement production will be added to the Breakthrough Agenda next year.
The actions will be delivered through coalitions of committed countries – from the G7, European Commission, India, Egypt, Morocco and others – supported by leading international organisations and initiatives, and spearheaded by a core group of leading governments.
These efforts will be reinforced with private finance and leading industry initiatives, while more countries are encouraged to join, the statement added.
The priority actions include agreements to develop common definitions for low-emission and near-zero emission steel, hydrogen and sustainable batteries to help direct billions of pounds in investment, procurement and trade to ensure credibility and transparency
It also seeks to ramp up the deployment of essential infrastructure projects including at least 50 large scale net-zero emission industrial plants, at least 100 hydrogen valleys and a package of major cross-border power grid infrastructure projects
In addition, the actions set a common target date to phase out polluting cars and vehicles, consistent with the Paris Agreement. It is expected that the date of 2040 globally and 2035 for leading markets will be announced on the COP27’s Solutions Day, slated for 17 November.
The plan seeks to use billions of pounds of private and public procurement and infrastructure spending to stimulate global demand for green industrial goods
Furthermore, the plan aims to systematically strengthen financial and technological assistance to developing countries and emerging markets to support their transitions backed up by a range of new financial measures, including the world’s first major dedicated industry transition programme under the Climate Investment Funds.
It also seeks to drive investment in agriculture research, development and demonstration (RD&D) to generate solutions to address the challenges of food insecurity, climate change and environmental degradation.