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Government under pressure: $1 billion for green technologies now!
Business and finance are calling on the government to promote low-carbon products and accelerate $1 billion in investments.
Government under pressure: $1 billion for green technologies now!
Baku, Azerbaijan (ots/PRNewswire)
In a dramatic call, over 40 leading companies and over 700 financial institutions have called on governments worldwide to finally increase demand for low-carbon products! In an open letter, the Industrial Transition Accelerator (ITA) calls for clear policy action to accelerate the decarbonization of industry and mobilize massive investments of up to $1 billion. Time is running out! Only eight projects have received much-needed funding since April, even though the number of green industrial facilities planned for 2024 is increasing rapidly.
The alarming figures clearly show that less than 20% of the announced projects have already been implemented or have solid financing to really get off the ground. The standstill is caused by cheap, carbon-intensive products that are putting producers and buyers in a stalemate. Pressure is growing on policymakers as hundreds of environmentally friendly industrial plants need to be built by 2030 to achieve the desired emissions reductions in sectors such as aluminum, chemicals and steel. Otherwise there is a risk of a huge setback in the fight against the climate crisis!
Urgent measures required!
- Kohlenstoffbepreisung und Kraftstoffstandards müssen sofort unterstützt werden.
- Verbindliche Quoten für kohlenstoffarme Produkte sind unerlässlich!
- Die Regierung muss strenge Grenzwerte für den Kohlenstoffgehalt in allen Lebensphasen festlegen.
- Mechanismen zur Schließung der Preislücke zwischen grünen Rohstoffen und Käufern sind jetzt gefragt!
Buyers are under pressure: long-term purchase contracts are hardly possible due to the constant availability of cheaper alternatives! Governments must act urgently to pave the way for sustainable economic growth and guarantee a green future. Together with the open letter, the ITA has aGreen Demand Policy Playbookpublished that identifies evidence-based actions to increase demand for sustainable materials and chemicals. The call is unmistakable: act now before it is too late!