The objective of GIDS is to finance industrial decarbonization projects quickly and efficiently in emerging markets (EMs); recognizing that 85% of the emissions reductions required to reach net zero by 2050 in sectors such as cement and steel are expected to occur in EMs; where production will expand in line with population and urbanization growth.Such projects may include switching energy sources to less carbon-intensive options (such as solar PV; wind; and biomass); implementing on-site and off-site renewable energy solutions; heat recuperation (WHR); digitalization and energy management systems; optimizing existing processes or developing new process routes with lower carbon footprints; retrofitting legacy infrastructure and equipment with energy-efficient alternatives; carbon capture utilization and storage; switching to less carbon-intensive feedstocks; using bio-feedstocks; replacing traditional material inputs with renewable; bio-based; or recovered materials; sourcing secondary raw materials from waste streams (such as steel; aluminum; paper; and plastic); and adopting emerging technologies such as biomaterials; green hydrogen; and biofuels as transition solutions.The key outcome would be a significant reduction in greenhouse gas emissions; enabling a larger number of companies operating in EMs to compete in an international market that will increasingly demand large volumes of near-zero emission steel; cement; and other materials. The efficacy and speed with which GIDS develops will have both direct and indirect effects on job preservation and the creation of sustainable new jobs; which are essential for a just transition.One of the key pillars of GIDS is the creation of a Decarbonization Institute; which aims to bridge knowledge and implementation gaps and accelerate decarbonization efforts in the industrial sector; particularly in hard-to-abate industries. The Decarbonization Institute will position the IFC as a primary resource for industrial decarbonization in emerging markets; with a special focus on sectors that contribute significant emissions. At its core; the Institute will be a driving force in thought leadership; actively shaping innovative strategies and solutions for decarbonization across hard-to-abate industries. Additionally; the Institute will serve as a hub for knowledge dissemination and project incubation; facilitating the exchange of cutting-edge research and practical insights to accelerate the global shift towards decarbonization technologies and processes.