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Tech Transfer, Finance For Industry Transition Remains A Challenge: Bhupender Yadav

By PTI December 11, 2023

Indian environment minister emphasised collaborative international mechanisms to tackle challenges, particularly barriers like intellectual property rights for technology transfer

Tech Transfer, Finance For Industry Transition Remains A Challenge: Bhupender Yadav
Encouraging stakeholders to collaborate on innovation, technology, and sustainability, Yadav stressed the importance of building a sustainable and inclusive industry for the future. Shutterstock
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Environment Minister Bhupender Yadav highlighted the challenges of technology transfer and finance in transitioning hard-to-abate sectors such as iron, steel, cement, and transport to low-carbon alternatives at the UN climate talks.

Speaking at an event, Yadav noted that the global industrial landscape has shifted significantly since the launch of LeadIT, an initiative focusing on low-carbon industrial solutions, in 2019. However, he emphasised that challenges related to technology transfer and finance remain.

Yadav called for collaborative international mechanisms to address these challenges, particularly focusing on overcoming barriers such as intellectual property rights for technology transfer. He highlighted the India-Sweden LeadIT partnership as an alliance to address the climate crisis and align industries with environmental goals.

Encouraging stakeholders to collaborate on innovation, technology, and sustainability, Yadav stressed the importance of building a sustainable and inclusive industry for the future.

The Swedish Minister of Climate and Environment, Romina Pourmokhtari, discussed the potential of decarbonization and green transition for regional development, job creation, and technological advancement.

While acknowledging the importance of industrial development for social and economic prosperity, Pourmokhtari cautioned against the lack of commercially viable low-carbon technologies and the long investment cycles in industrial sectors, which pose a risk of locking in carbon emissions for decades.

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