India, Sweden prepare for next stage of global low-carbon industry transition

The India-Sweden joint declaration on industry transition will address the challenges of technology transfer and finance faced by developing countries, crucial requirements for progressing towards low-carbon mechanisms, said India's environment minister Bhupendra Yadav.

“The India-Sweden joint declaration on industry transition platform is not merely a partnership between two nations but an alliance for a sustainable future. It is a testament to our collective resolve to address the climate crisis and shape a world where industries thrive harmoniously with the environment,” Yadav said at a side event on Partnerships for a Just and Equitable Industry Transition at the COP28 summit in Dubai on Sunday.

There have been significant improvements in the global industrial landscape since the launch of the Leadership for Industry Transition, or LeadIT, initiative in 2019, according to the minister.

However, the real challenges of technology transfer and finance are yet to be addressed, and need collaborative international mechanisms to tackle barriers such as intellectual property to facilitate technology transfer from developed to developing countries, he said.

India and Sweden will be hosting the LeadIT 2.0 event at the climate change conference, COP28, in Dubai.

It will focus on supporting low-carbon transitions through a structured framework and three pillars: a global forum for dialogue; technology transfer and co-development; and an industry transitions platform.

At COP28, LeadIT members have adopted a mission statement for the initiative’s next phase (2024-2026) to affirm their dedication to accelerating a just and equitable industry transition to achieve the goals of the Paris Agreement.

Romina Pourmokhtari, Sweden's minister for climate and environment, said decarbonisation and green transition hold immense possibilities for regional development, new jobs, investments in new technologies, and improved competitiveness.

While admitting that industrial development was vital for the social and economic prosperity of all countries, she cautioned that the lack of commercially viable low-carbon technology and long investment cycles in industrial sectors risked locking in carbon emissions for decades.