LEADERSHIP GROUP FOR INDUSTRY TRANSITION (LEADIT)

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)?

• • 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.

• • 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?

• • 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