India-Sweden Declaration on Industry Transition Platform is an Alliance for a Sustainable Future, Says Bhupender Yadav

In a pivotal announcement at the COP28 Summit in Dubai, the Union Minister for Environment, Forest and Climate Change highlighted the increasing prominence of global industrial transition on the international agenda. The Minister acknowledged the positive strides made since the launch of LeadIT in 2019 but underscored the pressing challenges related to technology transfer and finance that still require concerted attention.

During a side event focused on ‘Partnerships for a Just and Equitable Industry Transition,’ the Minister expressed optimism about overcoming these challenges through collaborative international mechanisms. He emphasized the need to address barriers such as intellectual property rights to facilitate the transfer of technology from developed to developing countries.

The Minister referenced insights from the LeadIT Summit, revealing that LeadIT 2.0 would concentrate on supporting low-carbon transitions through a structured framework encompassing three pillars: a global forum for dialogue, technology transfer and co-development, and an Industry Transitions Platform. These pillars aim to sustain and promote industry transitions globally.

Highlighting the collaboration with Sweden, the Minister emphasized that the India-Sweden Joint Declaration on the Industry Transition Platform signifies more than just a bilateral partnership. He described it as an alliance dedicated to a sustainable future, addressing the climate crisis while ensuring industries thrive in harmony with the environment.

The Minister outlined the objectives of the India-Sweden Industry Transition Platform, which include strengthening institutional frameworks, unlocking conditions for technology demonstration projects, fostering innovation, research and development, and mobilizing finance and investments.

He stated that this initiative would catalyze collaboration, promote knowledge exchange, facilitate technology transfer, and encourage joint research tailored to India's specific needs for achieving a low-carbon industrial transition. He envisioned an industry that not only boosts productivity but also minimizes environmental impact, generating new economic opportunities for generations to come.

Romina Pourmokhtari, the Minister for Climate and Environment of Sweden, echoed these sentiments during her address. She emphasized the immense possibilities for regional development, new jobs, investments in new technologies, and improved competitiveness through decarbonization and green transition. Acknowledging the importance of industrial development for social and economic prosperity, she cautioned against the risk of locking in carbon emissions for decades due to the lack of commercially viable low-carbon technologies and long investment cycles in industrial sectors.

Pourmokhtari commended LeadIT for providing an opportunity to foster partnerships between industry leaders and ambitious economies aligning their industrial development with the goals of the Paris Agreement.