India, Sweden Propel Global Sustainability With Launch of Lead IT 2.0

India and Sweden have jointly introduced Lead IT 2.0, an initiative dedicated to co-developing and transferring low-carbon technology while providing financial assistance for industry transitions in developing nations.

Recalling the commitment of Global Net Zero and forging a partnership between governments and industries to achieve the target, Prime Minister Narendra Modi cited the Lead IT (Leadership for Industry Transition) initiative as a prime example of this collaborative effort.

Net zero signifies maintaining a balance between the greenhouse gases emitted into the atmosphere and those removed. Lead IT primarily concentrates on creating transition roadmaps and sharing knowledge within sectors like iron, steel, cement, and transport.

Global Collaboration For Sustainability

"In its G-20 presidency, India has emphasized global collaboration on circularity strategies. Today, as we continue to advance, we are adding a new chapter to Lead-IT. We are launching Lead-IT 2.0, PM Modi said while addressing the Lead IT session at the ongoing UN climate talks in Dubai.

LeadIT 2.0 will focus on an inclusive and equitable industry transition, co-development and transfer of low-carbon technology, along with financial support for industry transition in developing nations. Currently, the LeadIT group comprises 18 countries and 20 companies.

Industry Transition Platform

India and Sweden also unveiled an ‘industry transition platform’ designed to connect governments, technology providers, researchers, and think tanks.

Originally launched at the UN Climate Action Summit in 2019, Lead IT focuses specifically on the low-carbon transition of challenging industrial sectors. It serves as a collaborative platform between the public and private sectors, fostering sector-specific and cross-sectoral learning, especially regarding innovation opportunities and emerging technologies.

The Prime Minister also emphasized that nations in the Global South, India included, bear a lesser responsibility for climate change, yet they face significant impacts. He acknowledged the substantial effects of climate change on these countries despite their limited resources. The Prime Minister highlighted the unwavering commitment of these nations to climate action.

During the session, the leaders adopted the "UAE Declaration on a New Global Climate Finance Framework”. The declaration includes elements on, inter alia, delivering on commitments and achieving ambitious outcomes and widening the sources of concessional finance for climate action.

Conclusion

As India and Sweden join hands in the transformative Lead-IT 2.0 initiative, the global pursuit of Net Zero takes a significant leap forward. The launch of the new initiative signifies a renewed commitment to an inclusive and equitable industry transition, co-development of low-carbon technology, and vital financial support for developing nations in their journey towards sustainability.