1. A new initiative was launched on 23rd September at the UN Climate Action Summit to help guide the world’s heaviest greenhouse gas emitting industries toward the low-carbon economy.

2. India and Sweden together with Argentina, Finland, France, Germany, Ireland, Luxembourg, the Netherlands, South Korea and the UK, as well as a group of companies including Dalmia Cement, DSM, Heathrow Airport, LKAB, Mahindra Group, Royal Schiphol Group, Scania, SpiceJet, SSAB, ThyssenKrupp and Vattenfall, announced a new Leadership Group for Industry Transition that will drive transformation in hard-to-decarbonize and energy-intensive sectors.

3. This global initiative will be supported by the World Economic Forum, the Energy Transitions Commission, Mission Innovation, Stockholm Environment Institute, and the European Climate Foundation among many others in an ambitious, public-private effort, to ensure heavy industries and mobility companies can find a workable pathway to deliver on the Paris Agreement

4. Industry sector emissions, including those from hard-to-abate and energy-intensive sectors like steel, cement, aluminum, aviation and shipping are expected to be responsible for 15.7Gt by 2050. The international collaboration between countries and industry groups is critical to establish workable policy frameworks and incentives, and to enable joint investment into low carbon infrastructure.

About The Climate Action Summit

1. The United Nations Secretary-General António Guterres hosted the Climate Action Summit in New York ahead of the UN General Assembly. The Secretary-General called on all leaders – governments, the private sector, civil society, local authorities and other international organizations – to come with concrete, realistic plans that will boost ambition and rapidly accelerate action to implement the Paris Agreement.

2. Having the key focus on raising ambition and accelerate action to implement the Paris Agreement, the Climate Action Summit focuses on nine interdependent tracks, which are led by 19 countries in total and are supported by international organizations.

3. It is noteworthy to point that India along with Sweden, supported by World Economic Forum is leading the ‘Industry Transition’ track meeting.

Source: PIB