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Business News/ News / World/  India hosts Lead IT Summit with Sweden at COP27
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India hosts Lead IT Summit with Sweden at COP27

India and Sweden exchanged ideas in LeadIT Summit at COP 27. LeadIT Summit is an annual event co-chaired by India and Sweden since 2019

India co-chaired the LeadIT Summit with Sweden at COP 27 (@byadavbjp/Twitter)Premium
India co-chaired the LeadIT Summit with Sweden at COP 27 (@byadavbjp/Twitter)

India and Sweden hosted the LeadIT Summit on Tuesday at COP27.

Addressing the Summit, the Union Minister for Environment, Forest and Climate Change, Bhupender Yadav said that the activities of LeadIT with a special focus on the road mapping exercise was undertaken for the cement and steel sector in India.

“Going forward, similar exercises are expected to be taken by in other member countries of LeadIT. Co-development is the only option to meet the targets that the world has taken for itself. Without it, low carbon transition will be delayed by decades," the minister added.

Yadav said that 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. “They include increasing resilience to changes in climate, enhanced energy security, innovation, socio-economic development and job creation."

He further said that the current phase of LeadIT is set to conclude in 2023. “The next year is the time to reflect on the performance and achievements so far. The post-2023 process needs to be deliberated on to identify the priorities in a consultative manner."

“The summit held roundtable discussions that focused on finance and other cross-sectoral issues. The LeadIT members, that include countries and companies, shared initiatives in the industry sector and views on the requirements for successful low-carbon transitions," the Ministry of Environment, Forest and Climate Change said.

The event concluded with the adoption of the summit statement by the members of LeadIT. It re-emphasized the commitment to continue pursuing the low-carbon transition of the industry. The members also committed to provide technical assistance to new members and emerging economies, it added.

The summit was followed by the public launch of the LeadIT Summit Statement 2022. The LeadIT (Leadership for Industry Transition) initiative focuses on low carbon transition of the hard to abate industrial sector.

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ABOUT THE AUTHOR
Swati Luthra
Swati Luthra writes on climate change, water, environment and forest issues for Mint. A graduate in Psychology, Swati has been mapping India’s policy initiatives to help meet the pledges made at CoP-26 including achieving net-zero carbon emissions by 2070.
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Published: 15 Nov 2022, 10:45 PM IST
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