November 2024, Baku: The United Nations Climate Change Conference began this month, bringing together global leaders to address climate challenges and promote sustainable industrial practices. As a non-profit think tank dedicated to smart manufacturing transformation, INCIT acknowledges the urgency of these discussions in shaping a sustainable future, particularly as 2024 is projected to be the warmest year on record.
At COP29, global leaders were urged to “get down to real business” to achieve sustainable progress, and our new partner, the United Nations Industrial Development Organization (UNIDO), encouraged countries to augment their climate actions by including more ambitious targets for industries. While COP29 is not exclusively manufacturing-focused, the outcomes from the event could affect the industry.
Leaders should take note of these top three critical topics that emerged from the event:
New Collective Quantified Goal (NCQG)
In order to embrace sustainable manufacturing practices and cleaner technologies, investments will be required. The NCQG is a new global climate finance goal, emphasising the need for significant financial resources to support climate mitigation and adaptation efforts, especially in developing countries. Developed nations have committed to providing $100 billion annually to support these regions’ climate mitigation and adaptation efforts. However, this commitment falls significantly short of the estimated $2.4 trillion required each year to meet global climate objectives.
Nationally Determined Contributions (NDCs)
With the industrial sector known as one of the most significant contributors industry-wide to global emissions, manufacturers must address their impact on the environment yesterday. Enter NDCs, which are individual country pledges to reduce greenhouse gas emissions. The critical question remains: do the current NDCs go far enough to limit global temperature rise to 1.5°C above pre-industrial levels? These commitments are central to international efforts to combat climate change, with the deadline to update them fast approaching in early 2025.
The role of digital technologies
Leveraging digital technologies can be effective in helping manufacturers reduce their carbon footprint and manage their electronic waste (e-waste). Leaders have endorsed a declaration committing to utilising digital technologies to enhance climate action. This initiative aims to minimise the carbon and pollution footprints associated with tech manufacturing while addressing the increasing issue of e-waste.
INCIT plays a crucial role in advancing smart manufacturing globally
As nations engage in discussions about sustainable financial frameworks at COP29, integrating Industry 4.0 technologies into manufacturing operations is crucial for enhancing efficiency and sustainability. This integration ultimately supports climate finance goals.
Manufacturers can optimise resource usage, reduce waste, and lower emissions by adopting smart manufacturing practices—such as automation, data analytics, and the Internet of Things (IoT). These advancements improve operational efficiency, help companies meet their climate commitments, and attract investment. INCIT has worked globally to help nations adopt smart manufacturing practices and advance digital transformation, as well as the net zero agenda.
For example, the “Investing in Digital Economy of Azerbaijan” (IDEA), also located in the home of this year’s climate event, is a project that aligns with COP29’s goals by fostering digital transformation and sustainability in manufacturing. INCIT presented several strategies for leveraging the Smart Industry Readiness Index (SIRI) to enhance smart manufacturing capabilities among small and medium-sized enterprises. This initiative supports Azerbaijan’s transition towards Industry 4.0 while increasing foreign investment in its digital economy.
INCIT is dedicated to empowering the manufacturing industry, supporting leaders and businesses as they adopt smart manufacturing and sustainable practices, enabling Industry 4.0 and net zero success.
About INCIT
The International Centre for Industrial Transformation (INCIT) is an independent, non-government-affiliated institute founded with the vision to spearhead global manufacturing transformation worldwide. Headquartered in Singapore, INCIT collaborates with manufacturers during their Industry 4.0 journeys, driving innovation as a trusted partner with their globally referenced frameworks, tools, and concepts to enable the rise of smart and sustainable manufacturing.
For any enquiries, don’t hesitate to contact us at [email protected].
