The initiative aims at co-developing and transferring low-carbon technology, along with offering financial support for industry transition in developing nation
India and Sweden jointly launched LeadIT 2.0, an initiative geared towards co-developing and transferring low-carbon technology while providing financial support for industry transitions in developing nations. Prime Minister Narendra Modi, speaking during the LeadIT session at the ongoing UN climate talks in Dubai, underscored the critical need for partnerships between governments and industries to achieve net-zero goals.
Net-zero involves achieving a balance between the greenhouse gases emitted into the atmosphere and those removed. LeadIT primarily focuses on developing transition roadmaps and sharing knowledge within challenging-to-transition sectors such as iron, steel, cement, and transport. Currently, 18 countries and 20 companies are actively involved in the LeadIT group.
The upgraded LeadIT 2.0 initiative will concentrate on promoting an inclusive and equitable industry transition. It aims to facilitate the co-development and transfer of low-carbon technology while offering financial support to aid industry transitions in developing nations. As part of the launch, India and Sweden introduced an "industry transition platform" designed to connect governments, technology providers, researchers, and think tanks.
Originally unveiled at the UN Climate Action Summit in 2019, LeadIT focuses specifically on the low-carbon transition of industrially challenging sectors. It serves as a collaborative platform, fostering public-private partnerships and facilitating sector-specific and cross-sectoral learning, particularly in the realm of innovation opportunities and new technologies.
The LeadIT 2.0 initiative further reinforces the commitment of both nations to driving sustainable industry transitions on a global scale.