New Delhi, Jun 1 (PTI) Union Environment Minister Bhupender Yadav on Wednesday said the developed nations must take the lead in the global transition towards net-zero and low-carbon industry.

Delivering the opening address at the "Industry Transition Dialogue" being hosted by India and Sweden in Stockholm, Yadav also said the developing world needs not just an industrial transition but an industrial renaissance – a flowering of industries that will create jobs and prosperity along with a clean environment.

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The dialogue is part of India and Sweden's joint initiative "Leadership for Industry Transition (LeadIT)" which focuses on hard-to-abate sectors that are the key stakeholders in global climate action and require specific interventions.

Yadav said it is time to celebrate 50 years of collaborative action and introspect on what has been achieved and what more is yet to be done.

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"The developing world needs not just an industrial transition but an industrial renaissance – a flowering of industries that will create jobs and prosperity along with a clean environment. The developed nations, with their historical experiences, must take the lead in the global transition towards net-zero and low-carbon industry," a statement quoted Yadav as saying.

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

At the event, Japan and South Africa, the latest members to join the initiative, were welcomed.

India has repeatedly emphasised that developed countries should take the lead in reducing carbon emissions drastically as they have contributed the most to global warming historically.

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