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What is the News?
On the sidelines of COP 26 in Glasgow, the LeadIT (Leadership Group for Industry transition) Summit 2021 was held in hybrid mode presided by India and Sweden.
What is the Leadership Group for Industry Transition(LeadIT)?
Launched by: LeadIT was launched by the Prime Ministers of Sweden and India with support from the World Economic Forum (WEF) during the UN Secretary-General’s Climate Action Summit in 2019, in New York.
Purpose: Voluntary initiative for promoting low-carbon transition through active participation of private sector companies. Especially in the sectors like Iron & Steel, Aluminium, Cement and Concrete, petrochemicals, fertilisers, bricks, heavy-duty transport.
Members: Currently, the Group has a membership of 16 countries and 19 companies including Dalmia Cement, Mahindra Group and SpiceJet from India.
Secretariat: It is hosted by Stockholm Environment Institute (SEI), Sweden.
What is the significance of the LeadIT Initiative?
Industry sectors together contribute about 30% of the total CO2 emissions. Hence, initiatives like LeadIT to drive low carbon development pathways in the industry sector are critical for achieving the goals of the Paris Agreement.
Source: This post is based on the article “Exhorts more companies from the Heavy industries sector to join the global LEAD-IT (Leadership Group for Industry Transition) initiative” published in PIB on 9th November 2021.
