Dubai: India and Sweden announced on Friday the launch of the Leadership Group for Industry Transition 2.0 (LeadIT 2.0) in Dubai.

The announcement was made during the Leadership Group for Industry Transition (LeadIT) event co-hosted by India and Sweden. The event was led by PM Modi and his Swedish counterpart, Ulf Kristersson.

LeadIT brings together countries, companies and industry experts to achieve net-zero emissions from heavy industries by 2050.

The initiative fosters collaboration between decision-makers in the public and private sectors to create policies and practises to accelerate industry transition.

"Today, 18 countries and 20 companies are members of LeadIT. In its G20 presidency, India emphasized on global cooperation under circularity strategies. Taking this further ahead, we are adding a new chapter to LeadIT. Today, we are launching LeadIT 2.0..." PM Modi said while addressing the LeadIT event at the COP28 World Climate Action Summit in Dubai.

The PM said the initiative will have three focuses. "First, inclusive and just industrial transition. Second, co development and transfer of low-carbon technology; and third support for emerging technology. To make all this possible, we are also launching the India-Sweden industrial transformation platform. I have full belief that we will write a new green growth story for the generation to come," PM Modi said.

He further said that the world has a shared commitment to Global Net Zero and industrial innovation is an essential catalyst to achieve the goal.

"We are connected to a shared commitment--Global Net Zero. To meet the goals of Net Zero, the partnership of government and industry is very important. Industrial innovation is an essential catalyst," PM Modi said.

The PM said that for Earth's secure future, the Leadership Group for Industry Transition (LeadIT) is a successful example of partnership between governments and industry.

He said: "The LeadIT which started in 2019, is our shared effort so that industry transition receives a boost, low carbon technology and innovation receive a pace and Global South receives this quickly and easily..."

Net zero means cutting greenhouse gas emissions to as close to zero as possible, with any remaining emissions re-absorbed from the atmosphere by oceans and forests for instance, to avert the worst impacts of climate change.

Meanwhile, the Swedish PM said, "I am very proud that Sweden and India are today launching LeadIT 2.0 and strengthening partnership to accelerate green industrial transitions. New technologies need to be implemented, industrialised and spread. The Sweden-India Industry Transition partnership will focus on hard-to-abate industries."

Earlier on Friday, PM Modi noted that the countries in the Global South have had an immense impact of climate change on them. The PM said that to fulfil the aspirations of the Global South, climate finance and technology are essential.

The prime minister underlined that countries in the Global South, including India, have a smaller role to play in climate change but the impact of climate change on them is immense.

"We all know that countries in the Global South, including India, have had less of a role to play in climate change. But the impact of climate change on them is immense. Despite a lack of resources, these countries are committed to climate action," the Prime Minister said at the COP28 Presidency's session on Transforming Climate Finance today.

"In order to fulfil the aspirations of the Global South, climate finance and technology are essential," he said.

"It is the expectation of countries in the Global South that to combat climate change, the developed countries help them as much as possible. This is natural and justified," PM Modi added.

COP28 is being held from November 28-December 12 under the Presidency of the UAE in Dubai.

The World Climate Action Summit is the high-level segment of the 28th Conference of Parties (COP28) to the United Nations Framework Convention on Climate Change (UNFCCC).

This is PM Modi's third appearance at the World Climate Action Summit after his visits to Paris in 2015 and Glasgow in 2021.