The production of low-carbon materials requires support from electricity and financing.

According to a report from Reuters cited by Mining.com, a report released on Thursday showed that heavy-emitting industries such as chemicals, fuels, and metals have arranged $250 billion in financing for the production of low-carbon materials. However, the funding required for future low-carbon material projects is more than five times the current amount.

To date, emerging industrialized countries such as Indonesia and Morocco have attracted one-fifth of the $250 billion to invest in green factories, according to a report from the Mission Possible Partnership (MPP).

Approximately 69 projects are currently using clean energy to produce materials, and another 65 projects have already secured financing, the report stated.

The report also tracked announced but unfunded projects with a total investment of $1.6 trillion, with emerging industrial "Sunbelt" countries accounting for 59% of the investment chain, the US accounting for 18%, the EU accounting for 10%, and China accounting for 6%.

"The next generation of energy-intensive factories can only produce materials, chemicals, and fuels when built in places with abundant, stable, low-cost, and clean electricity," said Faustine Delasalle, the leader of the organization.

"The world's new industrial Sunbelt will surpass Western countries in areas such as ammonia and have a significant impact on the global economy," Delasalle claimed.

MPP, supported by the Industrial Transition Accelerator (ITA), was established during the 28th Conference of the Parties (COP28) in Dubai to stimulate the investment needed for green projects. Delasalle is also an executive member of the ITA.

The report stated that rapidly growing clean industries include green ammonia, which is used to produce fertilizers, clean aviation fuels, etc.

In the metals industry, the steel industry has 33 net-zero primary steel mill projects, but 90 projects need to secure financing by 2030 to meet net-zero emission targets. The aluminum industry has 44 projects, but 165 projects need financing, the report said.