India and Sweden level up Low Carbon Industry Transition

India and Sweden have pledged to work together to overcome crucial obstacles impeding global industrial change.

India's environment minister, Bhupendra Yadav, stressed the critical significance of technology transfer and finance in expanding low-carbon systems, emphasizing their importance for developing countries. Yadav, speaking at a COP28 summit event in Dubai, characterized the India-Sweden relationship as a larger effort toward a sustainable future, aligning with collective decisions to address the climate issue.

The minister praised the industrial landscape's accomplishments since the start of the Leadership for Industry Transition (LeadIT) project in 2019. However, he emphasized that solving issues such as technology transfer and finance necessitates international collaboration. To ease the transfer of knowledge from industrialized to poor countries, barriers such as intellectual property must be removed.

LeadIT 2.0 will be hosted by India and Sweden during COP28, with an emphasis on organized frameworks across three pillars: a global debate forum, technology transfer and co-development, and an industry transitions platform. Members have agreed on a mission statement for the initiative's 2024-2026 phase, which aligns with the goals of the Paris Agreement.

Sweden's climate and environment minister, Romina Pourmokhtari, talked about the enormous potential of decarbonization and green transition for regional development, job creation, technical investments, and increased competitiveness. While she acknowledged the necessity of industrial development for global prosperity, she warned about the hazards of carbon lock-in caused by a lack of commercially viable low-carbon technology and lengthy investment cycles in industrial sectors. 

The COP28 joint activities aim to traverse these issues by fostering a just and equitable industry transition in accordance with the Paris Agreement objectives.