TAG: GS-2: IR & GS-3: ECONOMIC
CONTEXT: Union Minister of State for Environment, Forest and Climate Change, along with the Minister of Climate and Environment of Sweden, co-chaired the annual summit of the Leadership Group for Industry Transformation (LeadIT) held on the sidelines of COP29, the UN Climate Change Summit in Baku, Azerbaijan.
EXPLANATION:
What is Leadership Group for Industry Transition (LeadIT)?
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- 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 by 2050.
- The Management Board is made up of representatives from Sweden, India, and the World Economic Forum
- The Secretariat is responsible for managing the work of the Leadership Group and is hosted by Stockholm Environment Institute (SEI).
- The total membership of LeadIT is 37 including countries and companies together.
- Japan and South Africa, the latest members of the initiative.
Members: Argentina, France, Republic of Korea, Australia, Germany, Sweden, Austraia, India, Northern Ireland, Denmark, Ireland, USA, Ethiopia, Luxemburg, and Netherland.
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- LeadIT has played a pivotal role in accelerating the adoption of low-carbon technologies, aligning with global environmental goals.
- Three core areas of LeadIT:
- Inclusive and Just Industry Transition: Ensuring that industry transitions are not only efficient but also equitable, promoting fairness and inclusivity in the process.
- Low Carbon Technology Development and Transfer: Placing renewed emphasis on the development and seamless transfer of low-carbon technologies, crucial for achieving sustainable practices across industries.
- Emerging Economy Technology Transfer: Facilitating the expedited transfer of innovative solutions to emerging economies, assisting in their transition to more sustainable practices.
What are the Highlights of the Summit?
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- LeadIT members re-emphasized the commitment to pursuing the low-carbon transition.
- The event included roundtable discussions that focused on finance and other cross-sectoral issues and views on the requirements for successful low-carbon transitions.
- The members also committed to providing technical assistance to new members and emerging economies. The importance of de-risking investments in the transition of heavy industries in emerging and developing countries was also highlighted.
- The summit concluded with the adoption of the summit statement by the members of LeadIT.
Source:
https://pib.gov.in/PressReleasePage.aspx?PRID=2075285
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