Sharm El-Sheikh (Egypt), Nov 12 (IANS): COP27's thematic day dedicated to Decarbonization called for urgent action to reduce emissions across industry with a specific focus on the most carbon intensive sectors including steel, oil, gas, and fertilizers.
The agenda featured several sessions that launched initiatives including the Sharm El-Sheikh Methane Reduction Roadmap and East Mediterranean Gas Forum decarbonization initiative.
"The climate crisis is existential, overriding and ever present and we need to look at every piece of the puzzle, including the decarbonization of the industrial sectors that underpin the global economy," said COP27 President Sameh Shoukry, commenting on Decarbonization Day.
"Today's activities provided a significant opportunity to discuss critical plans and policies needed to reduce carbon footprints, particularly in hard-to-abate sectors.
"We hope the conversations today help facilitate the much-needed transition to and low carbon economy."
"The Decarbonization Challenge" started the day's agenda and included remarks by John Kerry, US Special Presidential Envoy for Climate; Tarek El Molla, Egypt's Minister of Petroleum and Mineral Resources; Ahmed Samir, Egypt's Minister of Trade and Industry; and Gerd MAller, Director-General, UNIDO.
Industry sessions and announcements throughout Decarbonization Day included: Advancing the Global Methane Pledge wherein the Sharm El-Sheikh Methane Roadmap was presented as a comprehensive guidance for countries to reduce emissions.
It emphasized a short-term focus that called for more action through.
The US announced the launch of a new initiative to support Egypt in deploying 10GW of new wind and solar energy while decommissioning 5GW of inefficient natural gas generated plants.
Accelerating the Way Towards Decarbonizing the Steel Industry that encouraged investors to support new technologies by highlighting transformation success stories from Sweden and Egypt.
Egypt and Belgium, the Co-Sponsors of the Global Renewable Hydrogen Forum, held a technical panel discussion where speakers representing the main partners (IRENA, UNIDO, The Hydrogen Council & GCF) exchanged views on the importance to have a global stake-holder forum that would serve as a platform to accelerate the development and deployment of renewable hydrogen, as well as identify the best practices and establish cross-border trade and corridors.
An announcement of a coalition of leading climate investment of $500 million over the next three years to accelerate a just and equitable energy transition in low and middle income countries.
The US Environmental Protection Agency said it will expand its 2021 methane rule so that it requires drillers to find and plug leaks at all of the country's 1 million well sites and reduce methane from the oil and gas industry by 87 per cent below 2005 levels.