India announces three pillars of the second phase of LeadIT 2.0 at COP28

Dubai: Union Minister of Environment, Forest and Climate Change Bhupender Yadav on Saturday announced the three pillars of the second phase of Leadership Group for Industry Transition (LeadIT 2.0) at COP28 in UAE.

The Union Minister unveiled the three pillars at LeadIT Summit 2023 hosted by India and Sweden at COP28 in UAE and introduced the next phase of LeadIT to the world and industry leaders,

The three pillars of Phase II has been developed on three pillars, which are – A global forum for dialogue; Technology transfer and co-development; and Industry Transitions.

The summit was co-hosted by Bhupender Yadav, and Romina Pourmokhtari, Minister of Environment, Sweden. LeadIT 2.0, the second phase of LeadIT was launched by Prime Minister Narendra Modi, and Ulf Kristersson, Prime Minister of Sweden on 1st Dec 2023.

The LeadIT Summit serves as an opportunity for governments and industry to discuss plans and policies for the low-carbon transition of the industrial sector to align with the goals of the Paris Agreement.

Speaking at the event Bhupender Yadav said that LeadIT has emerged as a beacon of leadership, bringing together industry pioneers, experts, and stakeholders to foster collaboration and drive meaningful change.

The Minister credited LeadIT for playing a pioneering role in fostering global partnerships Yadav said LeadIT has raised the profile of industry transition on the international agenda through annual Summits and efforts of the members at multilateral platforms.

“Through its focused initiatives and unwavering commitment to sustainability, LeadIT has been engaging with industry stakeholders at the international as well as domestic levels”, Yadav said.

The Minister exuded confidence that the initiative would bring together governments, bilateral and multilateral agencies, the private sector, technology providers, think tanks, and research institutes, for the common goal.

Yadav acknowledged the creation of another such platform between the UK and Brazil. The two pilot ITPs, he said, should pave the way for many more of these collaborations to strengthen the north-south cooperation in climate action.

“The incremental and associated costs of low-carbon technologies require urgent mobilization of International climate funds, enabling developing economies to accelerate their low-carbon transition towards a sustainable future”, he said.

Ms. Romina Pourmokhtari, Minister for Climate and Environment of Sweden, speaking on the occasion stressed the urgency to reduce Greenhouse Gas emissions and said that the world was off track to reach the agreed goals in the Paris Agreement.

She underlined that industrialisation is vital for the social and economic prosperity of all countries but at the same time decarbonisation and green transition hold opportunities such as regional development, new jobs, investments in new technology, increased efficiency and improved competitiveness.

Speaking on the new phase of the initiative, the Minister from Sweden said that the three pillars of action of LeadIT 2.0 will set the course for more action on the ground and it will continue to be a global forum for a just and equitable industry transition.

She expressed confidence that LeadIT will support the establishment of ambitious country partnerships that spearhead industry transition in emerging markets.

Strategic direction for the next phase of LeadIT

LeadIT’s strategic direction will be driven by the following vision for 2030 and the means of achieving this vision within the next phase of LeadIT.

By 2030, the industry is aligned with the Paris Agreement, accelerating pathways toward a just and equitable industrial transition and net-zero emissions by 2050.

Drive the development of policy and regulatory frameworks that support an inclusive, just, and equitable industry transition by fostering public-private partnerships, mobilising resources, and supporting knowledge-sharing, that accelerate pathways to net-zero industry emissions by 2050.