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LeadIT Summit 2023

LeadIT Summit 2023:

At the Leadership Group for Industry Transition (LeadIT) Summit 2023 hosted by India and Sweden at the Conference of Parties (COP 28) in the United Arab Emirates, the Ministry of Environment, Forest and Climate Change announced the three pillars of the second phase of LeadIT (2.0).

Key Highlights of the Second Phase of LeadIT:

  • It Facilitate the creation of policies and regulations backing an inclusive industry transition through public-private partnerships.
  • It Mobilise resources, support knowledge-sharing, and accelerate pathways to achieve net-zero industry emissions by 2050.
  • LeadIT Pillars:
    • Global Forum for a Just and Equitable Industry Transition:
      • Ensuring continuous dialogue and engagement between governments and industry.
      • This pillar is dedicated to sustaining LeadIT’s engagement with multilateral groups (e.g., UN Climate Action, United Nations Framework Convention on Climate Change (UNFCCC) COP presidencies), facilitating knowledge sharing among members, and vigilantly monitoring the transition’s pace.
    • Technology Transfer and Co-development:
      • This pillar is dedicated to facilitating business-to-business technology transfer and building national institutional capacity for innovation.
    • Industry Transition Partnerships:
      • The LeadIT Secretariat aids members in creating industry transition partnerships, supporting emerging markets and developing economies in their pursuit of green industrial transitions.
      • These partnerships involve mapping, coordinating, and strengthening technical and financial international assistance to enhance effectiveness.
      • The ultimate goal is to establish enabling conditions for a pipeline of bankable low-carbon industrial projects.