By BW Online Bureau
A global public-private partnership initiated by the World Economic Forum (WEF) and the United States government, The First Movers Coalition (FMC), is making waves with its commitment to decarbonise heavy-emitting sectors.
The FMC has surpassed 120 commitments from 96 members, representing the world’s largest private sector demand for emerging climate technologies.
This coalition serves as a powerful testament to the potential of private-sector collaboration in driving meaningful climate action.
President of the World Economic Forum, Borge Brende,said, “The First Movers Coalition is proving the power of private sector cooperation to drive meaningful climate action. Together, FMC’s member companies are sending an unprecedented signal of demand, which will serve to drive up investment in and production of the critical emerging technologies needed to decarbonise the most heavy-emitting industrial sectors”.
In a bid to accelerate the shift towards a net-zero future, FMC members have collectively pledged to purchase near-zero emission goods and services employing breakthrough climate technologies by 2030.
These commitments span seven sectors–aluminium, aviation, carbon dioxide removal, cement and concrete, shipping, steel, and trucking.
By 2030, they are expected to represent an estimated annual demand of USD 16 billion for emerging climate technologies, resulting in 31 million tonnes (Mt) of CO2e in annual emissions reductions.
“The First Movers Coalition is driving critical progress in some of the hardest-to-address sectors,” said US Special Presidential Envoy for Climate John Kerry,.
“As members participate in offtake agreements and invest in decarbonisation projects in support of their FMC commitments, they continue to give confidence to this market to develop faster. This approach is pivotal in expanding the use and availability of the breakthrough technological solutions that will enable the deep decarbonisation of heavy-emitting sectors,” Kerry added.
Since its launch at COP26 with 35 members, the FMC has now grown to include 96 members, featuring some of the world’s largest companies.
Recent additions include Qatar Airways, Velux, The Coca-Cola Company, GE Vernova, DP World Limited, Capgemini, Danfoss A/S, Hanwha Ocean, Neutron Holdings (Lime), Volvo Cars, Inc., Chooose AS, Boom Technology, Drax Corporate Limited, and Norsk Hydro ASA.
Over two years, FMC members have made significant progress on commitments, engaging in 94 offtake agreements or investment projects to secure emerging climate technologies and near-zero emission goods and services from qualified suppliers.
In collaboration with Salesforce and other industry partners, the UpLink-FMC Sustainable Aviation Challenge will identify 16 innovative start-ups accelerating the decarbonisation of the aviation industry.
These startups, chosen from over 130 applicants, focus on sustainable aviation fuel, battery-powered, and hydrogen-powered flight.
In collaboration with Greenhouse and supported by BCG, ResponsibleSteel, and RMI, FMC initiated a challenge to identify the supply and demand for near-zero emissions steel, along with enabling technologies supporting supply.
A total of 67 submissions were received, including seven for the supply of near-zero steel and 45 for potential enabling technologies.
FMC launched the First Suppliers Hub, a global repository featuring more than 80 decarbonisation efforts across key high-emissions sectors. This hub serves as a valuable resource for organisations striving to meet their decarbonisation goals.
Cement and Concrete Procurement Guide: FMC introduced a procurement guide for cement and concrete, offering clarity on product category rules and addressing key issues for procurement teams, including incorporating carbon capture, utilisation, and storage (CCUS) in carbon accounting.
The FMC continues to catalyse change in heavy industries, driving progress towards a net-zero future.
The coalition’s unwavering commitment and demand signals are instrumental in accelerating the development and adoption of breakthrough technologies essential for decarbonisation.
(ANI)
