Technology transfer, financing for energy transition still a challenge: Min Yadav

Technology transfer and financing for low-carbon transition of hard-to-fight sectors such as iron, steel, cement and transport remains a challenge, Environment Minister Bhupender Yadav said on Sunday at the UN climate talks.

Speaking at an event, he said the global industrial landscape has undergone significant change since the launch of LeadIT, an initiative focused on low-carbon industry, in 2019.

“However, the real transition challenges of technology transfer and financing still need to be addressed,” he said.

Yadav emphasized on international cooperation mechanisms to address challenges, especially barriers such as intellectual property rights to technology transfer.

He described the LeadIT partnership between India and Sweden as an alliance to tackle the climate crisis and harmonize industries with the environment.

The Minister encouraged stakeholders to work together on innovation, technology and collaboration to build a sustainable, inclusive industry for the future.

Swedish Minister for Climate and Environment Romina Pourmokhtari spoke about the potential of decarbonization and the green transition for regional development, job creation and technological progress.

Recognizing that industrial development is essential for the social and economic prosperity of all countries, she warned that the lack of commercially viable low-carbon technologies and long investment cycles in industrial sectors risk locking in carbon emissions for decades.