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					</table><p>Decarbonization budgets are a significant source of concern, with less than a third of executives from ‘hard-to-abate’ industries saying they have adequate budgets to finance their decarbonization efforts, a recent report by renewable energy company <a href="https://masdar.ae/" target="_blank" rel="noopener">Masdar</a> has found.</p>
<p>The report said 60% of the organizations who are taking steps to reduce their emissions have not even yet set net-zero targets, with reliable financing being the main barrier to accelerating commitments.</p>
<p>While challenging, the report finds that half of the industry leaders are more confident than earlier that net zero in their business is more achievable today compared to a few years ago.</p>
<p>The report called on governments to boost support and increase financing to support the goal of decarbonization.</p>
<p>The Masdar report said reducing emissions in hard-to-abate industries like cement, steel, aluminum, petrochemicals, shipping, aviation, heavy industry, and manufacturing was crucial in the effort to mitigate climate change.</p>
<p><strong>Reliable Finance Remains a Major Barrier </strong></p>
<p>Despite strong progress across the sector over the past decade, 60% of organizations surveyed across Europe, Asia-Pacific, the Middle East, and North America cite a lack of reliable finance as the main barrier for committing to targets.</p>
<p>Senior executives from the Middle East (83%) and Asia-Pacific (62%) highlighted that they were taking steps to reduce emissions but had not set a target date for completion.</p>
<p>Further, only 30% of senior executives indicated their budgets would be able to meet decarbonization needs. More than 50% were concerned about the impact of global economic headwinds on decarbonization investment.</p>
<p>In addition to financing hurdles, the report also highlighted the disparity in available technologies to accelerate decarbonization.</p>
<p>The research outlines the gap in &#8220;frontier&#8221; technologies available at a commercial scale, which delays the energy-intensive industries in ramping up decarbonization efforts.</p>
<p>Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, said, &#8220;Masdar, a global clean energy powerhouse, will continue to play a leading role by fostering global collaboration amongst governments and private sector partners. We intend to seize the opportunity of utility-scale renewable energy and focus our investments in frontier technologies like sustainable aviation fuel and green hydrogen to help accelerate global progress ahead of COP28 and beyond.&#8221;</p>
<p>Only 24% of senior executives expected to receive funding from government or incentives, and 41% believe that without greater incentives and funding, they would be unable to meet their domestic market&#8217;s net-zero targets.</p>
<p>In January, the World Economic Forum (WEF) <a href="https://mercomindia.com/philanthropic-financing-to-per-year-to-reach-net-zero/" target="_blank" rel="noopener">launched</a> a fundraising vehicle to unlock $3 trillion of financing needed each year to reach net zero, reverse nature loss, and restore biodiversity by 2050. The vehicle would focus on attracting philanthropic resources toward the net-zero targets.</p>
<p>In the same month, a BloombergNEF report said investments in the low-carbon energy transition <a href="https://mercomindia.com/low-carbon-energy-investment-exceeds-1-trillion/" target="_blank" rel="noopener">accounted</a> for a record-breaking $1.1 trillion in 2022 and had reached parity with capital deployed for fossil fuel supply.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gautamee-hazarika/" class="vcard author" rel="author"><span class="fn">Gautamee Hazarika</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Gautamee,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gautamee-hazarika/" target="_blank" rel="noopener">More articles from Gautamee.</a><br />
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<a href="gautamee@mercomindia.com" target="_blank" rel="noopener">gautamee@mercomindia.com</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">Gautamee</a> is a reporter at Mercom India. Prior to Mercom, Gautamee was working as a multimedia news journalist at ThePrint in New Delhi. She has received her Bachelors in English Honors and Masters in English Literature from St.Stephen&#8217;s College, University of Delhi.<a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">More articles from Gautamee</a></div>
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Hard-to-abate Sectors Call for Financing to Support Decarbonization


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					</table><p>Six months after the United States passed the Inflation Reduction Act (<a href="https://mercomindia.com/inflation-reduction-act-faster-transition-clean-energy-u-s/" target="_blank" rel="noopener">IRA</a>) in August 2022, clean energy companies have announced more than 101,036  new green jobs in 31 states between August 16, 2022 &#8211; January 31, 2023, a report by independent strategic communication firm <a href="https://climatepower.us/" target="_blank" rel="noopener">Climate Power</a> said.</p>
<p>The report analyzed public announcements from the private sector since the passing of the Act.</p>
<p>It said this national plan has been a driving force in the “Made in America” clean energy boom and will reshape the country’s economy for many decades to come.</p>
<p>American companies restored almost 350,000 manufacturing jobs in 2022, a 25% increase from 2021, driven in part by the certainty created by the law and its incentives to build a clean energy future at home.</p>
<p>Further, it is estimated IRA will create over 9 million clean energy and climate-related jobs over the next decade, the report said.</p>
<p>As of January 31, 2023, there are over 90 new clean energy projects in small towns and bigger cities nationwide, totaling $89.5 billion in new investments.</p>
<p>The plans include 40 new battery manufacturing sites in places like Van Buren Township in Michigan, Tucson in Arizona, and Florence County in South Carolina.</p>
<p>Presently, 22 companies have announced plans for new or expanded electric vehicle manufacturing in Pryor, Oklahoma; Montgomery, Alabama; Highland Park, Michigan and more.</p>
<p>Further, as many as 24 other companies shared plans to expand wind and solar manufacturing in cities, including Pueblo, Colorado, Perrysburg, Ohio, and Georgetown, Texas.</p>
<p>Most of the projects are in seven states, namely, Arizona, Georgia, Michigan, Ohio, South Carolina, Tennessee, and Texas.</p>
<p>For instance, Arizona accounted for a $4.14 billion investment in new clean energy projects, leading to a growth of 11,635 jobs, while Colorado posted a $400 million investment in renewable projects, creating about 850 jobs.</p>
<p>Georgia spent roughly $15.27 billion in investment and created 16,627 jobs.</p>
<p>In De Soto, Kansas, Panasonic will build a $4 billion plant to manufacture batteries for Tesla EVs, creating up to 4,000 jobs alone for the state.</p>
<p>Michigan invested $7.2 billion, creating 9,572 jobs. Additionally, 167,000 clean energy jobs are projected in the upcoming ten years.</p>
<p>The state of Minnesota invested $796 million and created over 1,110 jobs since the passage of the IRA.</p>
<p>Nevada invested a total of $3.8 billion and announced 3,400 new jobs. Another 40,000 jobs are projected in the next ten years.</p>
<p>The report concluded that the new law has benefited local economies across the country, and new investments made in ongoing clean energy projects will continue to spur new jobs.</p>
<p>Earlier this month, the European Commission <a href="https://mercomindia.com/eu-e250-billion-green-industrial-plan/" target="_blank" rel="noopener">published</a> the Green Deal Industrial Plan as a response to the Inflation Reduction Act to promote the idea of a ‘Single Market’ and safeguard investments and growth of its clean energy industry.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gautamee-hazarika/" class="vcard author" rel="author"><span class="fn">Gautamee Hazarika</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Gautamee,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gautamee-hazarika/" target="_blank" rel="noopener">More articles from Gautamee.</a><br />
<br />
<a href="gautamee@mercomindia.com" target="_blank" rel="noopener">gautamee@mercomindia.com</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">Gautamee</a> is a reporter at Mercom India. Prior to Mercom, Gautamee was working as a multimedia news journalist at ThePrint in New Delhi. She has received her Bachelors in English Honors and Masters in English Literature from St.Stephen&#8217;s College, University of Delhi.<a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">More articles from Gautamee</a></div>
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US’ Inflation Reduction Act Creates Over 100,000 Green Jobs in Six Months

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