admin In a landmark development, India and Sweden have joined forces in a strategic alliance to address the challenges hindering industry transition in developing countries. The joint declaration, announced at the COP28 summit, specifically aims to tackle issues related to technology transfer and finance, pivotal elements for advancing towards low-carbon mechanisms.
Significance of this Partnership
India’s Environment Minister, Bhupendra Yadav, underscored the importance of the partnership, asserting that the India-Sweden joint declaration on the industry transition platform is not simply a collaboration between two nations but signifies an alliance for a sustainable future. He expressed that it serves as evidence of their collective determination to confront the climate crisis and mould a world where industries flourish in harmony with the environment. Minister Yadav conveyed these sentiments during a side event centred around Partnerships for a Just and Equitable Industry Transition.
Since the initiation of the Leadership for Industry Transition (LeadIT) initiative in 2019, there have been notable improvements in the global industrial landscape, according to Minister Yadav. However, he pointed out that the challenges of technology transfer and finance remain unaddressed, necessitating collaborative international mechanisms. Intellectual property barriers, in particular, pose significant obstacles to the smooth transfer of technology from developed to developing countries.
LeadIT 2.0: Shaping a Low-Carbon Future
India and Sweden are set to host the LeadIT 2.0 event during COP28. The event focuses on creating a structured framework of 3 pillars (a global forum for dialogue, technology transfer and co-development, and an industry transitions platform) to support low-carbon transitions. The mission statement adopted by LeadIT members for the initiative’s next phase (2024-2026) affirms their commitment to accelerating a just and equitable industry transition in alignment with the goals of the Paris Agreement.
Sweden’s Minister for Climate and Environment, Romina Pourmokhtari, highlighted the immense possibilities that decarbonisation and green transition hold for regional development, job creation, investments in new technologies, and enhanced competitiveness. Recognising the significance of industrial advancement in fostering social and economic well-being, she expressed concern about the potential entrenchment of carbon emissions over extended periods. This risk arises from the absence of commercially feasible low-carbon technology and the prolonged investment cycles inherent in industrial sectors. The collaborative efforts between India and Sweden aspire to address these obstacles, charting a course toward a future where industry is both sustainable and equitable.
Magazine
