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India-Sweden Declaration on Industry Transition Platform is an alliance for a sustainable future: Bhupender Yadav
India Event News

COP28 Summit: India-Sweden Declaration on Industry Transition Platform is an alliance for a sustainable future: Bhupender Yadav

In a significant development at the COP28 Summit in Dubai, the Union Minister for Environment, Forest and Climate Change highlighted the increasing global focus on industrial transition since the inception of LeadIT in 2019. However, he emphasized that challenges related to technology transfer and finance remain unaddressed.

Addressing a side event on Partnerships for a Just and Equitable Industry Transition, the Minister expressed optimism about overcoming these challenges through collaborative international mechanisms. He stressed the importance of addressing barriers such as intellectual property rights to facilitate the transfer of technology from developed to developing countries.

The Minister referred to the LeadIT Summit and announced the upcoming LeadIT 2.0, which will concentrate on supporting low-carbon transitions on the ground. The initiative will be structured around three pillars: a global forum for dialogue, technology transfer and co-development, and an Industry Transitions Platform. Through these pillars, members aim to promote and engage in industry transitions globally.

Highlighting the collaboration with Sweden, the Minister described the India-Sweden Joint Declaration on Industry Transition Platform as more than a partnership between two nations—it is an alliance for a sustainable future. He emphasized the collective resolve to address the climate crisis and create a world where industries coexist harmoniously with the environment.

The Minister outlined the objectives of the India-Sweden Industry Transition Platform, including strengthening the institutional framework, unlocking conditions for technology demonstration projects, fostering innovation, research and development, and mobilizing finance and investments. He emphasized that the platform would catalyze collaboration, promote knowledge exchange, facilitate technology transfer, and encourage joint research and development efforts tailored to India’s specific needs for achieving a low-carbon industrial transition.

Inviting stakeholders to collaborate, the Minister urged harnessing the power of innovation, collaboration, and technology to shape a sustainable, resilient, and inclusive industry for the future. He envisioned an industry that would drive prosperity for generations to come.

Ms. Romina Pourmokhtari, Minister for Climate and Environment of Sweden, echoed these sentiments, emphasizing that decarbonization and green transition offer immense possibilities for regional development, new jobs, investments in new technologies, and improved competitiveness.

While 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 aligned with the goals of the Paris Agreement.

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