The recent Leadership Group for Industry Transition (LeadIT) Summit 2023, which took place at the Conference of Parties (COP 28) in the United Arab Emirates, made headlines as the Ministry of Environment, Forest and Climate Change revealed the three pillars of LeadIT’s second phase. The summit was a joint endeavour by India and Sweden, designed to expedite the transition of several challenging sectors towards low-carbon pathways.
Understanding the Leadership Group for Industry Transition
LeadIT is an international initiative with a significant goal: to speed up the transition of sectors such as steel, cement, chemicals, aviation, and shipping to low-carbon pathways. It serves as a uniting force for countries and companies that are proactive in their commitment to achieving the Paris Agreement.
It was initially launched in 2019 at the United Nations Climate Action Summit by the governments of Sweden and India, and has since received backing from the World Economic Forum. The orchestrating body of LeadIT, known as the Secretariat, handles the managerial duties of the Leadership Group.
Counting 38 members within its ranks, LeadIT comprises both countries and companies. Notably, India plays an active role in the group. A shared belief among LeadIT members is that energy-intensive industries can — and indeed, must — advance along low-carbon pathways, aiming to reach net-zero carbon emissions by 2050.
Examining the Second Phase of LeadIT
The next step for LeadIT is to support the formulation of policies and regulations that promote an inclusive industry transition. This will be achieved through fostering public-private partnerships, mobilizing resources, facilitating knowledge-sharing, and expediting ways to attain net-zero industry emissions by 2050.
Three Pillars of LeadIT: A Closer Look
The three guiding principles for this phase of LeadIT include:
1. Global Forum for a Just and Equitable Industry Transition: The key function of this pillar is to ensure constant dialogue and engagement between governments and industry. It will also oversee LeadIT’s involvement with multilateral groups such as the UN Climate Action and the United Nations Framework Convention on Climate Change (UNFCCC) COP presidencies. Furthermore, it will facilitate knowledge exchange among members and closely monitor the progress of the transition.
2. Technology Transfer and Co-development: This aspect will focus on promoting business-to-business technology transfers and building national institutional capacity for innovation.
3. Industry Transition Partnerships: The LeadIT Secretariat will assist members in forming industry transition partnerships, particularly targeting emerging markets and developing economies that are pursuing green industrial transitions. This involves mapping, coordinating, and enhancing technical and financial international aid for greater effectiveness. Ultimately, the goal is to create ideal conditions for a stream of viable low-carbon industrial projects.
These pillars mark the foundation for LeadIT’s second phase, fostering a continued emphasis on public-private collaboration and resource mobilisation. They underline a renewed commitment to green energy choices and the pursuit of long-term sustainability in industry practices worldwide.