Dubai | India and Sweden on Friday launched LeadIT 2.0, an initiative aimed at co-developing and transferring low-carbon technology along with offering financial support for industry transition in developing nations.

During the LeadIT session at the ongoing UN climate talks in Dubai, Prime Minister Narendra Modi emphasised the necessity of a partnership between governments and industry for countries to achieve net-zero goals.

"The LeadIT (Leadership for Industry Transition) initiative is a prime example of this," he said.

Net zero means achieving a balance between the greenhouse gases put into the atmosphere and those taken out.

LeadIT focuses on developing a transition roadmap and sharing knowledge within the iron, steel, cement, and transport sectors.

Currently, 18 countries and 20 companies are part of the LeadIT group, he said.

LeadIT 2.0 will focus on an inclusive and equitable industry transition, co-development and transfer of low-carbon technology, along with financial support for industry transition in developing nations.

India and Sweden inaugurated an "industry transition platform" designed to link governments, technology providers, researchers, and think tanks.

Launched at the UN Climate Action Summit in 2019, LeadIT specifically focuses on the low-carbon transition of hard-to-abate industrial sectors.

It serves as a platform for public-private collaboration, fostering sector-specific and cross-sectoral learning, especially concerning innovation opportunities and new technologies.