First Movers Coalition Pledge at WEF Include Steel Decarbonization
Strategic Research Institute
Published on :
27 May, 2022, 6:28 am
The World Economic Forum is partnering with the US Special Presidential Envoy for Climate Mr John Kerry and over 50 global businesses to invest in innovative green technologies. These financing commitments will ensure new technologies are available for scale-up by 2030 and make a critical contribution to achieving net-zero emissions by 2050. The companies, whose collective market value exceeds USD 8.5 trillion across five continents, have sent the largest market signal in history to commercialize emerging clean technologies by making advance purchase commitments by 2030 for near-zero carbon steel, aluminium, shipping, trucking, and aviation as well as negative emissions through advanced carbon dioxide removal technologies.
During the World Economic Forum Annual Meeting 2022 in Davos, First Movers Coalition members Alphabet, Microsoft and Salesforce collectively committed USD 500 million to carbon dioxide removal. Through the Coalition, these companies collaborate with other private sector members such as AP Møller Mærsk, Amazon, Apple, Bank of America, FedEx, National Grid, Ford Motor Company, Mahindra, SSAB Swedish Steel, Trafigura, Vattenfall, Volvo Group, Yara International, Western Digital and many more. Denmark, India, Italy, Japan, Norway, Singapore, Sweden and the United Kingdom have joined the US as government partners to create early markets for clean technologies through policy measures and private sector engagement.
The coalition has committed to delivering impact in six sectors by 2030:
Carbon dioxide removal
For instance, Ball Corporation, Ford Motor Company, Novelis, Trafigura and Volvo Group have committed that 10% of primary aluminium purchases by 2030 will have near-zero carbon emissions. This can only be achieved by producers who use advanced technologies that are not yet commercially available.
Since it was launched at COP26, the First Movers Coalition has brought together global companies with supply chains across carbon-intensive sectors. They range from major consumer goods firms that ship, truck and fly their products, to renewable energy companies that use steel to build wind turbines.