The move gains particular significance in the context of the CABM, which requires Indian manufacturing companies to meet strict emission-related rules
Sweden is crafting a plan to help India implement Article Six of the Paris Agreement to meet its net-zero emissions target before 2070 by collaborating in the heavy industries sector, mainly steel and cement.
Article Six of the Paris Agreement sets out how countries can pursue voluntary cooperation to reach their climate targets. It enables international collaboration to tackle climate change and unlock financial support for developing countries. Under Article Six, countries can transfer carbon credits earned from reducing greenhouse gas emissions to help one or more countries meet their climate targets.
The development comes at a time when Indian manufacturing companies are gearing up to meet the strict rules under the European Union's Carbon Border Adjustment Mechanism (CBAM). Indian steel companies primarily are significant exporters to Europe and are looking at ways to reduce emissions and comply with these rules.
Both nations may also revise their agreement in the field of space to establish centres of excellence to bolster collaborations in technical, research & development and talent. Vinnova is Sweden's innovation agency, which strengthens Sweden's innovative capacity and contributes to sustainable growth. It has
four strategic country programmes, one of which is focused on India. At the heart of its work in India, which started in 2009, is the Sweden-India innovations accelerator programme for small and mid-sized businesses that have innovative solutions related to energy. The emphasis is now shifting to heavy industry, mainly steel and cement, embracing the whole value chain, from energy supply to raw materials and the process itself. The Swedish Energy Agency is a government body responsible for transitioning the energy system towards a sustainable, fossil-free energy system. It includes nuclear.
A MoU between ISRO and the Swedish Board for Space Activities, now known as the Swedish National Space Board, or SNSB, was signed in 1986 to provide a framework for collaborative activities, including the exchange of human resources, information and technology in areas of common interest in space research.
Both countries are also exploring interlinkages in other sectors, such as retail, petrochemicals, and speciality chemicals, for cooperation. They are also planning to amend the existing memorandums of understanding (MoUs) on renewable energy.