More than 40 world leaders say they will work together to turbo-charge the uptake of clean technologies by imposing worldwide standards and policies.
The announcement will be made at the climate summit COP26 in Glasgow on Tuesday.
Five high-carbon sectors will be targeted at first, including agriculture and electricity.
It aims to encourage global private investment in low-carbon technologies.
Similar international attempts have been made previously to push clean tech – but nothing as ambitious as this multi-lateral agreement.
Its backers want to reassure investors that global markets will be created for green technology and that it is a good financial bet.
It is hoped that eventually the initiative will help draw in trillions of dollars in private finance for cutting emissions.
The five sectors that the plan will cover at first are steel, road transport, agriculture, hydrogen, and electricity.
The initiative, known as the Glasgow Breakthroughs, was applauded by Nick Mabey from the climate think tank e3g.
He told me: “This potentially has real muscle. It takes climate change out of the negotiating halls and into the real economy.
“Imagine if major nations agreed to set a target for the amount of ‘green steel’ to be made. (That’s steel made with hydrogen or electricity.) That would be really powerful by creating a market.”
COP26 climate summit – The basics
- Climate change is one of the world’s most pressing problems. Governments must promise more ambitious cuts in warming gases if we are to prevent greater global temperature rises.
- The summit in Glasgow is where change could happen. You need to watch for the promises made by the world’s biggest polluters, like the US and China, and whether poorer countries are getting the support they need.
- All our lives will change. Decisions made here could impact our jobs, how we heat our homes, what we eat and how we travel.
The plan has been launched by the UK Prime Minister Boris Johnson, alongside representatives from the USA, India, EU, and – importantly – China.
The signatories are said to represent more than 70% of the world’s economy and every region.
A similar approach has been running in the EU where law-makers have steadily increased efficiency standards on electrical goods so they run creating fewer emissions.
Crucially, firms wanting to export into the EU must reach the same standards – it’s proved that higher standards in one part of the world can influence technology in another. It’s hoped this process could be embraced and greatly expanded with the “Glasgow Breakthroughs”.