The World Economic Forum (WEF) announced on Thursday that nine significant industrial clusters from China, Indonesia, Japan, Spain, and the United States have joined its initiative to help businesses reduce emissions. The mission's objectives are to link 100 industrial clusters worldwide in order to reduce 1.6 billion metric tonnes of CO2 emissions, maintain and create 18 million jobs, and contribute $2.5 trillion to the global GDP.
Industrial clusters are a desirable target for emission reductions because, according to WEF calculations, they are responsible for 15%–20% of global CO2 emissions. Industries in the same general area profit from sharing risk, infrastructure, and natural resources, as well as from a coordinated effort to address decarbonization, workforce transformation, and environmental justice. In industrial clusters, businesses that represent one or more industries offer opportunities for scalability, resource sharing, aggregation, and demand optimization.
Industrial Clusters Emission Reductions
The initiative, which was started in 2021 and is backed by Accenture and EPRI, primarily focuses on lowering heavy industry asset emissions in regional industrial zones. Furthermore, it promotes economic competitiveness and job creation.
According to Roberto Bocca, Head of the Platform for Energy, Materials, and Infrastructure at the World Economic Forum, "the nine new industrial cluster members add momentum to our program and diversify the locations and types of industries seeking to accelerate their decarbonization, making our initiative truly global and comprehensive."
He also mentioned that the new program would cover a number of heavy industry sectors in nine nations and across four continents. By establishing global public-private and cross-industry partnerships that enable the implementation of low-carbon technologies, he continued, "We encourage other industrial estates and hubs to join us in helping reduce CO2 emissions more quickly."
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