A drone view shows a favela on a mountain in Copacabana neighborhood in Rio de Janeiro, Brazil, June 4, 2025. Photo: Reuters
Along with Namibia, South Africa, Turkey and Uzbekistan - all chosen from 26 applicants - the group will now work with investors to come up with a detailed plan of how to decarbonise the sector, which accounts for a third of global emissions.
The countries will all be able to access cheap financing from CIF's Industry Decarbonization Investment Program, with every $1 expected to draw in $12 in financing from other sources, including development banks and the private sector.
Part of CIF's $9 billion Clean Technology Fund, the industry program allows for up to 100% of financing to be directed to private sector-led projects or those attracting significant private co-investments, with a minimum allocation of 50%.
"Decarbonizing Industry is about more than emissions - it's about securing long term prosperity and the jobs of tomorrow," said CIF Chief Executive Tariye Gbadegesin in a statement.
"It's about producing the low-carbon industrial inputs that are urgently needed to expand renewable energy capacity and power the global economy," she added.
Founded in 2008 and with $12.5 billion in pledged support from countries, CIF provides early stage grants and highly concessional loans that can help attract funding from other investors with a lower risk tolerance.
