More than 50 companies have now joined the First Movers Coalition, launched by President Biden of the US and the World Economic Forum at COP26 to decarbonize the heavy industry and long-distance transport sectors responsible for 30% of global emissions.
The companies – whose market cap represents about $8.5 trillion across five continents – have sent the largest market signal in history to commercialize emerging clean technologies by making unprecedented advance purchase commitments by 2030 for near-zero carbon steel, aluminium, shipping, trucking and aviation, as well as advanced carbon dioxide removal solutions.
Two new sectors have launched – aluminium and carbon dioxide removal:
For aluminium, companies commit to purchasing aluminium produced with lower emissions than any facility in the world is currently capable of.
For carbon dioxide removal, companies make financial or volume commitments. Alphabet, Microsoft and Salesforce are collectively committing $500 million in carbon removal by 2030 and Boston Consulting Group is committing to remove 100,000 tonnes of carbon by 2030.
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.