Tech transfer, finance for industry transition remains a challenge: Bhupender Yadav

Dubai: Technology transfer and finance for low-carbon transition of hard to abate sectors like iron, steel, cement, and transport remains a challenge, Environment Minister Bhupender Yadav said at the UN climate talks on Sunday.

Addressing an event, he said the global industrial landscape has seen a significant shift since the launch of LeadIT, an initiative focusing on low-carbon industrial, in 2019.

"However, the real transition challenges of technology transfer and finance are yet to be addressed," he said.

Yadav emphasised collaborative international mechanisms to tackle challenges, particularly barriers like intellectual property rights for technology transfer.

He described the India-Sweden LeadIT partnership as an alliance to address the climate crisis and harmonise industries with the environment.

The minister encouraged stakeholders to collaborate on innovation, technology, and collaboration to build a sustainable, inclusive industry for the future.

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

Acknowledging that industrial development is vital for social and economic prosperity of all countries, she cautioned that lack of commercially viable low- carbon tech and long investment cycles in industrial sectors risk locking in carbon emissions for decades.