Sweden and India deepen climate cooperation

“New trade agreements and stronger cooperation between countries with serious ambitions for the green transition create an environment conducive to growth and enhanced competitiveness. I am pleased and proud that Sweden is such a highly valued global partner for India,” says Acting Minister for Climate and the Environment Johan Britz.

LeadIT comprises 19 countries and 32 companies in heavy industry. The goal is to achieve net zero emissions by 2050 in sectors such as steel and cement. The new work programme will be drafted in consultation with the group’s members and be launched at the COP31 Climate Change Conference in November. UN Secretary-General António Guterres has welcomed this renewed leadership for global industry transition.

Sweden and India are also strengthening their bilateral cooperation within LeadIT in areas such as the development of green steel. Joint innovation and faster sharing of low-emission technologies will lead to greater competitiveness and increased trade between the countries. The cooperation is also being extended to include the transport sector, where new projects and technical solutions will be developed. The new free trade agreement between the EU and India will also improve the conditions for green value chains.

The combination of Swedish innovation and India’s vast economy provides an excellent platform for companies to develop technologies while reducing emissions. Sweden and India have already identified solutions to help accelerate the climate transition and have together funded preliminary studies concerning the use of new technologies in Indian companies. The next step is to establish pilot projects and sustained reductions in emissions.

At the India-Nordic Summit, it was also announced that Iceland would be joining LeadIT. Iceland is at the leading edge with regard to geothermal energy and innovative carbon capture and storage technologies.