LeadIT Summit 2022
16th November, 2022 Environment
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Context: India and Sweden hosted the LeadIT Summit, today, on the side-lines of COP27.
- The LeadIT (Leadership for Industry Transition) initiative focuses on low carbon transition of the hard to abate industrial sector.
- During the opening address Minister, Shri. Bhupender Yadav talked about the activities of LeadIT with a special focus on the road mapping exercise that was undertaken for the cement and steel sector in India.
- The low carbon transition of the industrial sector will not only contribute towards the reduction in required greenhouse gas emissions. It has several co-benefits that include increasing resilience to changes in climate, enhanced energy security, innovation, socio-economic development and job creation
- He also highlighted that the current phase of LeadIT is set to conclude in 2023 and the next year is the time to reflect on the performance and achievements so far.
- The event included roundtable discussions that focussed on finance and other cross-sectoral issues.
- The summit concluded with the adoption of the summit statement by the members of LeadIT which re-emphasized the commitment to continue pursuing the low-carbon transition of the industry.
- The members also committed to providing technical assistance to new members and emerging economies.
- The Leadership Group for Industry Transition (LeadIT) gathers countries and companies that are committed to action to achieve the Paris Agreement.
- It was launched by the governments of Sweden and India at the UN Climate Action Summit in September 2019 and is supported by the World Economic Forum.
- LeadIT members subscribe to the notion that energy-intensive industry can and must progress on low-carbon pathways, aiming to achieve net-zero carbon emissions.