The industrial sector is progressively becoming the primary source of CO2 emissions, and its decarbonization is critical to limiting the global temperature increase. Three industries – iron and steel, non-metallic minerals (cement, glass, lime), and chemical industries – are responsible for 70 percent of all direct industrial CO2 emissions today. Innovation will be key to decarbonize the industry, particularly in high temperature heat applications.
The rapid industrialization taking place in low- and middle-income countries, where the bulk of greenfield developments and expansions of facilities will take place, presents a key opportunity to shape a low carbon future and improve the competitiveness of industries. The World Bank Group (WBG), through ESMAP, is uniquely positioned to support client countries in decarbonizing their industrial sectors by helping them adopt innovative technologies and solutions, leapfrogging old technologies that could have locked-in carbon emissions for decades.