Sweden to help India achieve 2070 net-zero emission target
Under Paris Agreement, countries can transfer carbon credit to help others meet goals
Sweden is working on a plan to help India implement Article 6 of the Paris Agreement to meet its net-zero emissions target before 2070 by collaborating in the heavy industries sector, primarily steel and cement, three Swedish officials told Mint. Article 6 of the Paris agreement sets out how countries can pursue voluntary cooperation to reach their climate targets, enabling international cooperation to tackle climate change and unlock financial support for developing countries.
Under the Article, countries can transfer carbon credits earned from reducing greenhouse gas emissions to help one or more countries to meet their climate targets.
The development comes at a time when Indian manufacturing companies are gearing up to meet the strict rules under the European Union’s Carbon Border Adjustment Mechanism (CBAM).
Indian steel companies are major exporters to Europe, and are looking at ways to reduce emissions, and comply with these rules. Both nations may also revise their agreement in the field of space technology to establish centres of excellence, bolstering collaborations in technical, research & development and talent.
“Swedish Energy Agency and Vinnova are working to help India reach its sustainability targets. We have conducted over 30 workshops in several sectors. So far, we have chosen four—heavy industries (steel and cement), paper, pulp and automotive,” Cecilia Oskarsson, trade and invest commissioner to India at Business Sweden, The Swedish Trade and Invest Council, said.
Vinnova is Sweden's innovation agency, which strengthens the country’s innovative capacity and contributes to sustainable growth.
“We have four strategic country programmes. India is one of them. And we have focus on Southeast Asia as well as Germany. We have a specific, targeted India programme where we want to build cooperation. The work in India has been going on since 2009 and the backbone of our work here is Sweden-India innovations accelerator programme for small and midsized businesses that have innovative solutions related to energy,” said Ludvig Lindstrom, senior business developer, international market development, Swedish Energy Agency.
Indian steel companies are major exporters to Europe, and are looking at ways to reduce emissions, and comply with carbon tax rules