World News | UAE: Bhupender Yadav Reiterates India's Commitment to Global Cooperation; Announces Three Pillars of LeadIT2.0

Dubai [UAE], December 9 (ANI): Union Minister Bhupender Yadav on Friday announced the three pillars of the second phase of Leadership Group for Industry Transition and introduced the next phase of LeadIT to the world and industry leaders, the Ministry of Environment, Forest and Climate Change informed in a press release.

The Minister of Environment, Forest and Climate Change was speaking at LeadIT Summit 2023 hosted by India and Sweden at COP28 in UAE.

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Yadav stated that Phase II has been developed on three pillars; a global forum for dialogue, Technology transfer and co-development; and Industry Transitions Platform.

The Minister credited LeadIT for playing a pioneering role in fostering global partnerships and said that LeadIT has emerged as a beacon of leadership, bringing together industry pioneers, experts, and stakeholders to foster collaboration and drive meaningful change.

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He further acknowledged that LeadIT has raised the profile of industry transition on the international agenda through annual Summits and efforts of the members at multilateral platforms.

The Union Minister said that the initiative has fostered partnerships to identify and address transition challenges. He noted that one of the focus areas of this was providing support on roadmaps for industry transition of the hard-to-abate sectors. But, at the same time, this has promoted knowledge sharing on ways to accelerate industry transition.

"Through its focused initiatives and unwavering commitment to sustainability, LeadIT has been engaging with industry stakeholders at the international as well as domestic levels", Yadav said.

Speaking on the Industry Transition Platform (ITP), he said that the platform envisages technology co-development, demonstration, and implementation.

"At the same time, ITPs will effectively coordinate multilateral technical and financial support available through multiple channels," he added.

Yadav informed the audience that one such Industry Transition Platform (ITP) has been developed between India and Sweden, which was launched by leaders of the two countries on December 1.

Developed with an objective to strengthen the institutional framework by developing strong cooperation between India and Sweden it will foster low-carbon transition pathways, the Ministry stated.

The Minister exuded confidence that the initiative would bring together governments, bilateral and multilateral agencies, the private sector, technology providers, think tanks, and research institutes, for the common goal.

Yadav acknowledged the creation of another such platform between the UK and Brazil. The two pilot ITPs, he said, should pave the way for many more of these collaborations to strengthen the north-south cooperation in climate action.

"The incremental and associated costs of low-carbon technologies require urgent mobilization of International climate funds, enabling developing economies to accelerate their low-carbon transition towards a sustainable future", he said.

Restating that India stands firmly in its dedication to global cooperation, he said, "It is imperative that we recognise the importance of transparent climate finance mechanisms, equitable market structures, and a facilitative global technology transfer regime in bridging gaps and overcoming the barriers hindering the deployment of low-carbon climate technologies at scale".

At the same time, he reminded the industry leaders that they have a critical role to play in this transformation as they are the innovators and the investors who can shape the trajectory of our industrial systems.

He encouraged them to drive this initiative with their continued commitment to the vision and mission of LeadIT, while supporting, promoting and engaging in industry transitions.

The LeadIT Summit serves as an opportunity for governments and industry to discuss plans and policies for low carbon transition of the industrial sector to align with the goals of the Paris Agreement.

LeadIT 2.0, the second phase of LeadIT was launched Prime Minister Narendra Modi and Ulf Kristersson, Prime Minister of Sweden on December 1.

The summit was co-hosted by Union Minister Bhupender Yadav, and Romina Pourmokhtari, Minister of Environment, Sweden.

The LeadIT country and company members participated in the summit to reflect on the milestones achieved since the inception of LeadIT in 2019, and set the direction for the next three years.

The Joint Mission Statement for the LeadIT (2023-26) adopted by the two countries is annexed, the Ministry added. (ANI)

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