Developed countries should provide markets for green tech-Yadav

Union Minister for Environment, Forest and Climate Change Bhupender Yadav has said that efforts to drive low carbon development pathways in the industry sector are critical for achieving the goals of the Paris Agreement. The Union Minister highlighted that industry sectors together contribute about 30 per cent of the total CO2 emissions. Yadav was delivering his opening remarks at  the LeadIT (Leadership Group for Industry transition) Summit 2021 which was held in hybrid mode presided by India and Sweden, on the sidelines of COP 26 in Glasgow on Tuesday.

He mentioned the critical gaps in the global low carbon industry transition, which include technology development and transfer, ensuring the adequate flow of finance at scale and speed and capacity constraints. Yadav stressed that any low carbon production in heavy industry requires intervention both at the level of alternative feedstocks as well as efforts to reduce process-related emissions, which is challenging in developing countries that are yet to build the majority of built structure. Yadav emphasized that developed countries should also provide lead markets for products of green technologies and drive down costs so that these can also be deployed in developing economies at scale. He also underlined on the importance of cooperation between countries and investments for transformation to a fossil free future, and on the need to find more friends including private sector and civil societies. He added that public private partnership and creation of demand help in radical emission reductions and creation of green jobs.