Furnaces, Factories, and the Future of Industry: Why We’re Focused on Heavy Emitting Sectors

In the quiet hum of factories and the roar of smelters, the future is being forged—quite literally. Industry, the modern driver of economic progress, is changing. It accounts for a third of global greenhouse gas emissions; a stubborn, smoky pillar of a problem. And it is not an easy one to solve. We’re talking about the emissions baked into the processes of producing cement, steel, fertilizers, and aluminum. These industries can be considered “the silent workhorses of modern civilization.”

Seventy-five percent of all new industrial capacity, between now and 2050 will be built in emerging economies. Every industrial project initiated today raises the emissions levels for tomorrow. And this is what makes modernizing industry an imperative: it is the strategic high ground of 21st century economics. 

New Industrial Pathways: Nationally grounded, globally significant 

CIF’s Industry program lays the groundwork for this new industrial era —one driven by country ambition, shaped through partnership, and aimed squarely at transformational change. This is not about delivering off-the-shelf solutions. It is about co-designing what’s next by working with governments, industry, and multilateral development banks (MDBs) to chart pathways that are as nationally grounded as they are globally significant. 

Picture green hydrogen corridors in North Africa, next-generation manufacturing zones across Asia, circular industrial ecosystems emerging in Latin America. This isn’t tinkering at the edges. We want to set the trajectory of industrial development with transformation as the benchmark. 

What makes CIF uniquely suited to support modernizing industry is that our financing model is anchored in big leaps. With over $65 billion in expected co-finance across sectors and continents, our investments are country-led, our capital is catalytic, our approach is collaborative, and partnership is core to how we deliver. 

In October last year, CIF put out a Call for Expressions of Interest inviting countries to apply for funding of up to a cumulative $1 Billion. The response has been promising: 24 countries and 2 regions submitted sector-wide proposals to rewire their industrial futures. We’re talking about transforming sectors such as steel, cement, critical minerals, shipping corridors, and more. These are the ambitious proposals for a new development paradigm.

An Independent Expert Group (IEG), composed of technical and strategic experts, rigorously reviewed these submissions. Their task was not just to review spreadsheets but to surface the ideas that marry country ambition, proposal bankability, and a transformational vision. In the coming week’s CIF’s governing board will consider the recommendations of the expert group to select the countries that will participate in our industry program. 

Rewards for Industry First Movers 

A tectonic reshuffle of global trade and competitiveness is already underway. It is about building stronger economies: better jobs, improved livelihoods, and more resilient communities.

It’s about developing industries where women are trained to operate and lead the next-gen clean tech. 

It’s about building industrial assets that double as innovation hubs. 

By 2030, the market for green industrial products is expected to cross the $2 trillion mark. Those who move early will shape this new economy. Those who wait will find the door narrowing.
CIF’s concessional finance is ready to drive this forward - faster, fairer, and at scale. Because modernizing industry will not be by accident. It will be by design.