In a statement, the IRENA said the industrial sector accounts for 25% of the global economy but at the same time emits around 28% of total greenhouse gas emissions.

Aside from speeding up the realisation of net-zero targets and encouraging the decarbonisation across industrial value chains in line with the Paris Agreement, the Alliance also aims to improve understanding of the renewables-based solution and their adoption and strengthen dialogue and coordinate action by stakeholders in the public and private sectors.

“Climate action needs industry leaders”, said IRENA Director-General Francesco La Camera.

“This Alliance stands for the growing commitment of global industry to act on decarbonization and unlock opportunities that come with a green industrialization through renewables and other transition-related technologies like green hydrogen,” he added.

The members of the Alliance include co-founding partner Siemens Energy, Enel Green Power, TAQA Arabia, Eni, Technip Energies, EDF Renewables, JSW, Tata Steel, Sable Chemicals, Tatanga Energy, Roland Berger, Repsol, Equinor and TAQA. Other public and private firms and stakeholders may join the Alliance.

The first meeting of the Alliance is expected to be held at COP27 in Sharm El Sheikh in Egypt.