However, he underlined the real transition challenges of technology transfer and finance are yet to be addressed.
Speaking at a side event on Partnerships for a Just and Equitable Industry Transition at the UN Climate Change Conference (COP28) in Dubai, the minister said that this challenge can be addressed by collaborative international mechanisms that need to ensure that barriers such as intellectual property rights are addressed to facilitate technology transfer from developed to developing countries.
He said the Leadership Group for Industry Transition (LeadIT) 2.0 would focus on supporting low-carbon transitions on the ground through a structured framework and three pillars: a global forum for dialogue; technology transfer and co-development; and an industry transitions’ platform.
“Through these pillars, the members will continue to support, engage in and promote industry transitions,” he said.
Speaking of the collaboration with Sweden, Yadav said the India-Sweden joint declaration on industry transition platform is not merely a partnership between two nations but an alliance for a sustainable future.
“It is a testament to our collective resolve to address the climate crisis and shape a world where industries thrive harmoniously with the environment,” he said.
The minister also drew the attention of the audience to the objectives of India-Sweden industry transition platform that includes strengthening institutional framework; unlocking conditions for technology demonstration projects; fostering innovation, research and development, and capacity building and mobilisation of finance and investments.
Yadav invited the stakeholders to work together to harness the power of innovation, collaboration, and technology to shape an industry of the future -- an industry that is sustainable, resilient, and inclusive, driving prosperity for generations to come.
Romina Pourmokhtari, Minister for Climate and Environment of Sweden, said decarbonisation and green transition hold immense possibilities for regional development, new jobs, investments in new technologies and improved competitiveness.
While admitting that industrial development is vital for social and economic prosperity of all countries, she cautioned that lack of commercially viable low carbon tech and long-investment cycles in industrial sectors risk locking in carbon emissions for decades.
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She went on to add that LeadIT provides an opportunity to foster partnerships between major industry transition frontrunners and ambitious economies that wish to align their industrial development with goals of the Paris Agreement.