The industry sectors should together contribute about 30% of the total CO2 emissions, and thus, efforts to drive low carbon development pathways in industry sectors are critical for achieving the goals of the Paris Agreement, says Union Minister for Environment, Forest and Climate Change Bhupender Yadav delivering opening address at LeadIT (Leadership Group for Industry transition) Summit 2021 presided by India and Sweden.  

LeadIT is a voluntary initiative for promoting low-carbon transition especially in the hard-to-abate sectors like iron & steel, aluminium, cement and concrete, petrochemicals, fertilisers, bricks, heavy-duty transport, etc. through active participation of private sector companies.

The Environment Minister mentioned the critical gaps in the global low carbon industry transition, which include technology development and transfer, ensuring the adequate flow of finance at scale and speed, capacity constraints, and policies to facilitate industry transition and stressed that any low carbon production in heavy industry requires intervention both at the level of alternative feedstocks as well as efforts to reduce process-related emissions, which is challenging in developing countries that are yet to build the majority of built structure. 

“Developed countries should also provide lead markets for products of green technologies and drive down costs so that these can be deployed in developing economies also, at scale,” emphasized Yadav.

The meeting was co-chaired by Deputy Prime Minister and Minister of Environment of Sweden, Per Bolund, who welcomed the new members in the LeadIT Group and added that industries play an important role in achievement of the net zero target, leading up to achievement of the Paris Agreement goal, and creation of new and green opportunities.

He also underlined on the importance of cooperation between countries and investments for transformation to a fossil free future, and on the need to find more friends including private sector and civil societies. He added that public private partnership and creation of demand help in radical emission reductions and creation of green jobs.

John Kerry, Special Presidential Envoy for Climate, USA said that it is important to explore opportunities that mix technology with finance, and LeadIT will support countries in holding hands and pulling up to achieve the goals of net zero in the industry sector.

The event was attended by the member countries and companies of LeadIT, including Argentina, Austria, Australia, Denmark, Ethiopia, Finland, France, Germany, Ireland, Luxembourg, Netherlands, Sweden, USA, UK, Ukraine, Dalmia Cement, Heidelberg Cement, LafargeHolcim, ThyssenKrupp, SSAB, Scania, Skanska, as well as the UN Assistant Secretary General, World Economies Forum etc.