Leadership For Industry Transition Summit

• 16 Nov 2022

Why in News?

India and Sweden hosted the Leadership for Industry Transition (LeadIT) Summit, on the sidelines of COP27 at Sharm El Sheikh in Egypt.

• The summit was followed by the public launch of the LeadIT Summit Statement 2022 in the India Pavilion at COP27.

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 .

What is LeadIT?

• About:
  • The LeadIT initiative lays specific focus on hard to abate sectors that are key stakeholders in the global climate action and require specific interventions.
  • It 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 2019 and is supported by the World Economic Forum.
  • LeadIT members subscribe to the notion that energy-intensive industries can and must progress on low-carbon pathways, aiming to achieve net-zero carbon emissions by 2050.
• Members:
  • The total membership of LeadIT is 37 including countries and companies together.
    • Japan and South Africa, the latest members of the initiative.

Source: TH