India and Sweden shared a platform and exchanged upcoming ideas at LeadIT Summit at COP 27.
The Union Minister for Environment Forst and Climate Change, Bhupender Yadav mentioned that the road mapping exercise was embarked on for the steel and cement sector in India.
“Going forward, similar exercises are expected to be taken by other member countries of LeadIT. Co-development is the only option to meet the targets that the world has taken for itself. Without it, low carbon transition will be delayed by decades,” the minister added.
Bhupendra Yadav stated that the less emission of carbon from the industrial sector will not only contribute towards the reduction in required greenhouse gas emissions but also has major co-benefits. He said, “They include increasing resilience to changes in climate, enhanced energy security, innovation, socio-economic development, and job creation.”
He further said that the current phase of Lead IT is set to conclude in 2023. “The next year is the time to reflect on the performance and achievements so far. The post-2023 process needs to be deliberated on to identify the priorities in a consultative manner.”
“The summit held roundtable discussions that focused on finance and other cross-sectoral issues. The LeadIT members, which include countries and companies, shared initiatives in the industry sector and views on the requirements for successful low-carbon transitions,” The Ministry of Environment, Forest and Climate Change said.
The summit ended with the conclusion to continue pursuing low carbon emissions within the industrial sector. The members also agreed in providing technical assistance to new members and emerging economies.
