Dubai: Union Environment Minister, Bhupender Yadav, discussed the ongoing challenges in industry transition related to technology transfer and finance during his address at the COP28 Summit.
In a side event focused on “Partnerships for a Just and Equitable Industry Transition,” Minister Yadav acknowledged the increased global emphasis on industry transition since the launch of LeadIT in 2019. Despite this, he highlighted that critical challenges, particularly in technology transfer and finance, still demand attention.
Speaking positively about collaborative international mechanisms, Minister Yadav emphasized the need to address barriers such as intellectual property rights to facilitate effective technology transfer from developed to developing countries.
Minister Yadav shared insights into LeadIT 2.0, which will concentrate on supporting low-carbon transitions through a structured framework comprising a global forum for dialogue, technology transfer, co-development, and an Industry Transitions Platform. He expressed confidence that these pillars would facilitate and promote industry transitions.
Discussing the India-Sweden collaboration, Minister Yadav termed the joint declaration on the Industry Transition Platform as more than a bilateral partnership. He described it as an alliance for a sustainable future, showcasing a collective commitment to addressing the climate crisis and promoting a harmonious coexistence of industries with the environment.
The Minister highlighted the objectives of the India-Sweden Industry Transition Platform, emphasizing its role in strengthening institutional frameworks, unlocking conditions for technology demonstration projects, fostering innovation, research and development, and mobilizing finance and investments.
Minister Yadav invited stakeholders to collaborate in harnessing innovation, collaboration, and technology to build a sustainable, resilient, and inclusive industry for future generations.
In her address, Ms. Romina Pourmokhtari, Minister for Climate and Environment of Sweden, recognized the vast potential of decarbonization and green transition for regional development, new jobs, investments in new technologies, and improved competitiveness. She cautioned against the lack of commercially viable low-carbon technology and long investment cycles, which may lock in carbon emissions for decades. Pourmokhtari commended LeadIT for providing an opportunity to foster partnerships between industry leaders and ambitious economies aligning with the goals of the Paris Agreement.
The COP28 side event, hosted by India and Sweden, presented the objectives of the next phase of LeadIT (2024-2026), LeadIT 2.0, and a new bilateral Industry Transition Platform between Sweden and India. It highlighted the commitment to accelerating a just and equitable industry transition to achieve the Paris Agreement’s goals.