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Source: The post is based on the article “LeadIT Summit 2022 hosted by India and Sweden at COP27, Sharm El Sheikh, Egypt” published in PIB on 15th November 2022
What is the News?
India and Sweden hosted the LeadIT Summit on the sidelines of COP27.
What is the LeadIT Initiative?
Leadership Group for Industry Transition(LeadIT) was launched by the governments of Sweden and India at the UN Climate Action Summit in September 2019 and is supported by the World Economic Forum.
The initiative gathers countries and companies that are committed to action to achieve the Paris Agreement.
Purpose: 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.
Secretariat: It is hosted by Stockholm Environment Institute (SEI), Sweden.
What is the significance of this initiative?
The low carbon transition of the industrial sector will not only contribute towards the reduction in required greenhouse gas emissions.
It has several co-benefits that include increasing resilience to changes in climate, enhanced energy security, innovation, socio-economic development and job creation.