India’s Ministry of Finance published the ‘Framework of India’s Climate Finance Taxonomy’ last month where a detailed sectoral coverage of the ‘hard-to-abate’ sectors is included. The climate finance taxonomy aims to direct investment towards the hard-to-abate sectors to support the development of indigenous low-emission technologies and the deployment of mature climate technologies.
Emissions from industries such as iron and steel and cement are hard to abate due to their reliance on energy, complex processes and technologies that have high emissions. The document notes, “While these industries are inherently capital-intensive, their transition to low-emission technologies will be even more capital-intensive.”
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