Prime Minister Narendra Modi, alongside his Swedish counterpart Ulf Kristersson, officially launched the India-Sweden Industry Transition Partnership at the COP28 World Climate Action Summit held in Dubai. This pioneering initiative, operating within the broader framework of the Leadership Group for Industry Transition (LeadIT) 2.0, signifies a monumental step towards a sustainable and eco-friendly industrial revolution.
Since its establishment in 2019, LeadIT has evolved into a collaborative venture involving 18 countries and 20 industry-leading companies. Prime Minister Modi underscored the shared commitment to achieving Global Net Zero, emphasizing the pivotal role of government-industry partnerships in realizing this ambitious objective.
“In our joint pursuit of Global Net Zero, the alliance between government and industry is pivotal. Industrial innovation acts as a catalyst, propelling us towards a secure future for Planet Earth,” expressed Prime Minister Modi.
Initially focused on crucial sectors like iron, steel, cement, and aluminum, the LeadIT initiative centered on industry transition and knowledge exchange. It played a crucial role in expediting the adoption of low-carbon technologies, aligning with global environmental objectives.
The unveiling of LeadIT 2.0 at COP28 in Dubai marks a new phase in the initiative’s evolution, with a heightened commitment to three core areas:
- Inclusive and Just Industry Transition: Ensuring that industry transitions are not only efficient but also equitable, promoting fairness and inclusivity in the process.
- Low Carbon Technology Development and Transfer: Renewed emphasis on developing and seamlessly transferring low-carbon technologies, crucial for achieving sustainable practices across industries.
- Emerging Economy Technology Transfer: Facilitating the swift transfer of innovative solutions to emerging economies, aiding their transition to more sustainable practices.
The launch of the India-Sweden Industry Transition Partnership within the LeadIT framework specifically addresses challenges faced by heavy-emitting industries. Prime Minister Ulf Kristersson of Sweden expressed pride in the collaboration, unveiling the “Sweden India Industry Transition Partnership” aimed at spearheading initiatives like Net Zero. This strengthened alliance emphasizes the imperative implementation, industrialization, and dissemination of new technologies, particularly focusing on transforming historically challenging sectors like iron, steel, quicklime, cement, concrete, and aluminum.
The partnership aims to implement and propagate new technologies, with a particular focus on the industrialization of green solutions, including fossil-free steel, electrofuels, critical raw materials, and eco-friendly car batteries. This comprehensive approach is designed to create jobs and foster economic growth.
By jointly addressing the challenges of industry transition, both nations are not only exemplifying effective collaborative efforts on an international scale but also setting the stage for a more sustainable and resilient global future.