Leaders of the G7 group of most industrialized nations have, during their summit in Germany on Tuesday, committed to creating by the end of the year an international Climate Club that will forge cooperation on climate change and push for the decarbonization of industrial sectors.

The club, according to a statement by the group, will be an intergovernmental forum of high ambition, open to countries that are committed to the full implementation of the Paris agreement and the pledges undertaken as part of the Glasgow Climate Pact.

The G7 also invited partners – major emitters, G20 members and other developing and emerging economies – to work with the club to promote ambitious climate policies around the world. And it extended the same message to international organizations like the Organization for Economic Cooperation and Development, International Monetary Fund, World Bank, International Energy Agency and World Trade Organization asking for their expertise.

“We aim to support the effective implementation of the Paris agreement by accelerating climate action and increasing ambition, with a particular focus on the industrial sector, thereby addressing risks of carbon leakage for emission-intensive goods, while complying with international rules,” it states.

The club is to be built on three pillars:

• Advancing ambitious and transparent climate mitigation policies to reduce emissions intensities of participating economies on the pathway towards climate neutrality, by making policies and outcomes consistent with the club’s ambition, strengthening emissions measurement and reporting mechanisms, and countering carbon leakage at the international level
• Transforming industries jointly to accelerate decarbonization, including through taking into account the Industrial Decarbonisation Agenda and the Hydrogen Action Pact, and expanding markets for green industrial products
• Boosting international ambition through partnerships and cooperation to encourage and facilitate climate action and unlock socio-economic benefits of climate cooperation, and to promote a just energy transition.