While developed countries have moved away from the secondary economy (manufacturing) to the tertiary economy (services), developing countries are expected to witness rapid growth in infrastructure projects in the coming years. The International Energy Agency (IEA) has noted that as the populations and GDPs grow in developing countries in South Asia, Southeast Asia, and Africa, demand for steel, cement, and concrete will increase.
The focus on a just transition for cleaner energy and the rapid phase-out of coal has been at the heart of COP26, and is seen as crucial in the attempt to limit global temperature increases to 1.5 degrees Celsius in accordance with the Paris Agreement. However, the focus on the power sector meant the second largest source of carbon emissions – heavy industry – didn’t attract enough attention.
