LeadIT Members adopt a joint statement following high-level Summit at COP27.

EGYPT 15 November – Today, LeadIT members adopted a joint statement at the LeadIT Summit at COP27. The statement was launched at the India Pavilion at COP27 with special remarks by Bhupender Yadav, Minister of Labour and Employment, Environment, Forest and Climate Change, India, and Romina Pourmokhtari, Minister for Climate and the Environment, Sweden.

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LeadIT Summit Statement 2022
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Romina Pourmokhtari, Minister for the Environment, Sweden, Bhupender Yadav, Minister of Labour and Employment, Environment, Forest and Climate Change, India

The statement highlights 2030 as a critical milestone on the path to net-zero emissions. It notes that LeadIT members will promote partnerships along value chains to strengthen the business case for low-carbon products and their supply.

The statement calls on LeadIT member countries – Japan, India and Sweden – to cooperate on industry transition as they preside over the G7, G20, and the Council of the European Union in 2023.

The group urges industrialized economies to apply all levers available to foster the industry transition in developing countries and emerging economies. International cooperation to mobilize and guide the flow of private capital is a vital enabler for industry transition in developing countries and emerging economies. To facilitate the deployment of climate finance and private capital to specific industry transition projects, developing countries and emerging economies commit to formulating roadmaps for heavy industry sectors.

ministers

Left to right: Felipe Sanchez (LeadIT), Rob Watt (LeadIT), Helen Ågren (Ministry of the Environment, Sweden), Romina Pourmokhtari (Minister of the Environment, Sweden), Bhupender Yadav (Minister of Labour and Employment, Environment, Forest and Climate Change, India), Rania Al-Mashat (Minister of International Cooperation of Government of Egypt)

LeadIT Members collectively agree to:  

  • Promote value chain partnerships and material circularity. 
  • Invest and cooperate on the planning and implementation of infrastructure to support energy and industry transitions. 
  • Give multilateral development banks and multilateral climate funds mandates to de-risk investments in the transition of heavy industries in emerging and developing countries. 
  • Emerging economies and developing countries to formulate roadmaps for heavy industry sectors that include regulatory frameworks, incentives, and long-term strategies, to facilitate transition finance and attract private investments.

The LeadIT Secretariat commits to: 

  • Provide technical assistance to existing and new members to develop roadmaps for heavy industry sectors; 
  • Assess international assistance offered to heavy industry in developing countries and emerging economies; 
  • Support the sharing of best practices and know-how on overcoming obstacles to industry transition; and 
  • Work with youth organisations to raise the profile of the skills and gender gaps.  

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