China Captures 13 of 19 Low-Carbon Industrial Projects Funded Globally in Last Six Months as US-Funded Projects Decline

Low-carbon industrial projects received a total of $43 billion in funding over the last six months, Reuters reported, citing data from the Mission Possible Partnership. Nineteen projects secured financing during the period, and 13 of those were located in China.

The Mission Possible Partnership recorded a sharp rise from the same six-month window a year earlier, when eight projects received funding.

The group described the increase as considerable. The industries covered in the report range from chemicals to metals, cement, and air transport. The Mission Possible Partnership is a non-governmental energy transition advocacy group supported by the World Economic Forum and the Bezos Earth Fund.

Globally, the Mission Possible Partnership counted 969 low-carbon energy industrial projects. Of those, 170 are in China, 318 are in sunbelt countries that include India and Brazil, and 211 are in Europe. The United States has 72 projects across the same industries.

U.S. projects that received funding over the last 12 months fell from 92 to 72, the report said. The Mission Possible Partnership stated that the United States has a significant pipeline but is losing relative momentum.

"In an increasingly fragmented and unstable environment, fossil-fuel dependence has shown time and again to mean exposure to price shocks, supply disruption, and economic crises," the chief executive of the Mission Possible Partnership said.