Summit on Leadership for Industry Transition

On the sidelines of COP27 in Sharm El Sheikh, Egypt, India and Sweden hosted the Leadership for Industry Transition (LeadIT) Summit.
Following the summit, the LeadIT Summit Statement 2022 was made public in the India Pavilion at COP27.

What are the Summit's Highlights?

Members of LeadIT reaffirmed their commitment to pursuing the low-carbon transition.
The event featured roundtable discussions on finance and other cross-sectoral issues, as well as perspectives on the requirements for successful low-carbon transitions.
Members also agreed to help new members and emerging economies with technical assistance. The significance of de-risking investments in heavy industry transition in emerging and developing countries was also emphasised.
The summit concluded with the members of LeadIT adopting the summit statement.

What is LeadIT?

The LeadIT initiative focuses on hard-to-abate sectors that are key stakeholders in global climate action and require specific interventions.
It brings together countries and businesses that are committed to implementing the Paris Agreement.
It was launched in 2019 at the UN Climate Action Summit by the governments of Sweden and India, and it is supported by the World Economic Forum.
LeadIT members believe that energy-intensive industries can and must progress on low-carbon pathways, with the goal of reaching net-zero carbon emissions by 2050.

Members:

LeadIT has 37 members in total, including countries and businesses.

Read Also: Pathway to low emissions in India

Source: PIB

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