Close to one hundred participants representing countries, industries and international organisations are meeting in Stockholm today under the LeadIT initiative to discuss the climate transition of heavy industry. Sweden, India and the World Economic Forum are hosting the meeting, which calls for decisions and action so that industry can assume international leadership in the climate transition. Two additional countries have now joined the initiative: Japan and South Africa.
The high-level Industry Transition Dialogue within the Leadership Group for Industry Transition (LeadIT) gathers ministers from countries from all continents and business leaders from various industrial sectors to discuss the transition of heavy industry. Sweden and India co-launched LeadIT in 2019 at the request of the UN.
“Sweden will assume the international climate leadership and show the entire world how the climate transition creates jobs and growth. We are seeing the start of a green industrial revolution in Sweden here and now, not at some point in the future. Today I took part in the unveiling of the world’s first vehicle produced in Sweden by Volvo using fossil-free steel from SSAB. Through LeadIT, we cooperate with, encourage and support other countries so that the world can speed up the transition of heavy industry,” says Minister for Climate and the Environment Annika Strandhäll.
The meeting is an important opportunity for countries and companies to reach agreement on what public and private sector measures are needed to enable the climate transition of heavy industry so that it can become climate neutral by 2050. This includes creating the conditions for increasing both the supply and demand of climate-smart industrial products. It also includes developing industry transition roadmaps that highlight opportunities, identify obstacles and suggest solutions to drive the transition of domestic industries and attract capital for the necessary investments.
“I am also pleased to welcome two new members to the group today, Japan and South Africa. Their joining LeadIT also makes it possible to strengthen bilateral cooperation on transition issues between our countries,” says Ms Strandhäll.