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(gentle music)

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<v ->Governments around the world are making progress</v>

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in promoting the decarbonization

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of their country's economies through regulation,

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carbon pricing, and taxation.

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Yet governments themselves can have a direct positive impact

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in reducing the world's carbon footprint.

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Public procurement is responsible for 15%

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of global greenhouse gas emissions.

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Completely abating these emissions

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will make a huge difference

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in slowing global warming to less than 1.5 degrees Celsius.

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And up to 75% of these emissions stem from

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the activities of just six industries: defence and security,

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transport, waste management services, construction,

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industrial products, and also utilities.

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<v ->Governments spend $11 trillion a year on procurement.</v>

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This is why they have the influence to create demand

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for clean energy technologies and trigger innovations

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and investments that are needed for our energy transition.

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This is why in conjunction with COP26,

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UNIDO's Industrial Deep Decarbonisation Initiative

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launched its Green Public Procurement Programme,

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which intends to consolidate government purchasing power

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to drive thriving markets for greener steel and concrete.

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<v ->Decision-makers tend to overestimate the Green Premium</v>

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they will need to pay for less carbon-intense products

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and services.

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But we estimate that 40% of emissions

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can be abated for less than $15 per tonne of carbon dioxide.

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Globally, low-carbon procurement will increase costs

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by just 3%.

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And over time, this premium will decline

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thanks to economies of scale and technological advancement.

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The Green Premium will also trigger

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innovation needed to sustain the green economy.

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We anticipate $4 trillion in new investments,

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3 million net new jobs,

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and a $6 trillion boost to global GDP.

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<v ->No single company or government can do this alone.</v>

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At the World Economic Forum,

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we bring together stakeholders from all sectors

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and society at large to improve the state of the world

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through impact-driven initiatives.

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To that end, we support key programmes

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such as the Mission Possible Partnership

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and the Industrial Deep Decarbonisation Initiative

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to accelerate the public and private sector collaboration

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needed to set us on the path to net zero.

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(gentle music)