Compact Urges Low-Emission Steel Investment for 2035
Antalya Green Industrialization Compact seeks greater backing for industrial decarbonization ahead of COP31.
Updated on Nov. 11, 2026 in Manufacturing
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The Antalya Green Industrialization Compact, presented at COP31 in Antalya, Turkey, calls for greater investment in low-emission steel production and other heavy industry. Participating countries back two proposed quantitative global targets for 2035 set by the COP31 Presidency.
Why it matters
Industry accounts for approximately one-quarter of global direct carbon emissions, and steel, cement and chemicals together drive around 70 percent of industrial emissions. Less than $20 billion has been committed to near-zero-emission steel and cement projects that have reached final investment decision, against more than $500 billion needed during 2026-2035.
The compact cites industry at approximately one-quarter of global direct carbon emissions and steel, cement and chemicals at around 70 percent of industrial emissions. The gap between the more than $500 billion needed and the less than $20 billion committed for near-zero steel and cement remains unresolved.
The players
COP31 Presidency
The presidency of the 2026 United Nations climate conference in Antalya, which proposed the two quantitative global targets for 2035 referenced in the compact.
The details
Participating countries commit to advancing public and private financing mechanisms, including risk-sharing, concessional and blended finance, and to using green public procurement, contracts for difference and carbon pricing to address the added cost of cleaner production. They also aim to improve interoperability of emissions accounting methodologies, standards and product labels across jurisdictions.
Timeline
2026-2035: Period covered by the more than $500 billion near-zero steel and cement investment requirement.
2035: Target year for the proposed global electrification and circular material targets.
Roadmap
The compact extends the UN climate conference process beyond broad emissions pledges toward sector-specific industrial targets for 2035. It signals a shift in focus to heavy industry, where steel, cement and chemicals account for most industrial emissions.
For manufacturers and buyers of steel, cement and chemicals, any eventual carbon pricing and green procurement rules could change production costs and sourcing decisions. The compact itself sets no binding requirements, so near-term effects depend on how participating countries implement their commitments.
The takeaway
Industrial decarbonization depends heavily on closing the gap between planned low-emission steel and cement investment and projects that actually reach final investment decision. Tracking how much of the more than $500 billion requirement is committed in coming years will show whether the 2035 ambitions are achievable.
Further reading
For related coverage of plant-level production shifts, see the Manufacturing section.
Source note: This article includes information reported by Steelorbis.
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