India on Tuesday underlined that efforts to drive low carbon development pathways in the industry sector are critical for achieving the goals of the Paris Agreement.
Union Environment Minister Bhupender Yadav, while speaking at the LeadIT (Leadership Group for Industry transition) Summit 2021, held on the sidelines of COP26 in Glasgow, highlighted that the industrial sector contributes about 30 per cent of the total carbon emissions.
"Industry sectors together contribute about 30 per cent of the total CO2 emissions, and thus, efforts to drive low carbon development pathways in the industry sector are critical for achieving the goals of the Paris Agreement," the minister said in his address at the LeadIT Summit presided by India and Sweden.
Mr Yadav also stressed that although new countries like the US, Austria and Ethiopia, and companies, including Skanska, Heidelberg Cement and Salzgitter have joined the initiative, it is necessary that more companies from the heavy industries should join the global initiative.
LeadIT is a voluntary initiative for promoting low-carbon transition especially in the hard-to-abate sectors like Iron and 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.
He also stressed that any low carbon production in the 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 a 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," Mr Yadav said.
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 said that industries play an important role in the achievement of the net-zero target, leading up to the achievement of the Paris Agreement goal, and creation of new and green opportunities.
He also underlined the importance of cooperation between countries and investments for transformation to a fossil-free future, and on the need to find more friends including the private sector and civil societies.
He said that public-private partnership and the creation of demand help in radical emission reductions and the creation of green jobs.
During the event, John Kerry, US Special Presidential Envoy for Climate, 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 industrial sector.
Mahendra Singhi from Dalmia Cement underlined the need to decarbonise and achieve net-zero, for which, LeadIT has an important role to play and mentioned that Dalmia Cement has taken a target to achieve net-zero by 2040, which can be achieved earlier if support is received.
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, the US, the UK, Ukraine, Dalmia Cement, Heidelberg Cement, LafargeHolcim, ThyssenKrupp, SSAB, Scania, Skanska, as well as the UN Assistant Secretary-General, World Economic Forum etc.
Ukraine, which is not a member of the LeadIT group yet, informed that it has submitted its willingness to join the initiative.
The Netherlands mentioned the Mission Integrated Bio-refineries that is being implemented in collaboration with the Department of Biotechnology under Mission Innovation.
The World Economic Forum looked forward to getting the 2030 plan implemented.
The event saw the adoption of the legal Summit Statement of LeadIT Summit 2021 by the ministers of India and Sweden.
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