First Movers Coalition Spearheads Global Demand for Emerging Climate Technologies
London – The First Movers Coalition (FMC), a partnership between the World Economic Forum and US Special Presidential Envoy for Climate John Kerry, has made significant strides in spurring private sector demand for emerging climate technologies since its launch at COP26. The coalition, initially comprising 35 members, has expanded to 95 members, collectively committing to an annual demand of $15 billion for emerging climate technologies and 29 million tonnes CO2e in annual emissions reductions by 2030.
According to World Economic Forum, The FMC’s mission is to decarbonize heavy-emitting sectors like steel, aluminum, cement, shipping, aviation, and trucking. It aims to scale up technologies not yet available at scale, which are estimated to contribute to 50% of the emissions reductions needed for net-zero emissions by 2050. By committing to purchasing innovative climate technologies, FMC members send a strong signal to green suppliers, fostering early markets essential for decarbonization.
As of COP28, FMC members have made significant progress by signing 94 offtake agreements to buy emerging climate technologies from qualified suppliers. Notable highlights include Volvo’s deal with Holcim for heavy-duty battery electric trucks, Microsoft’s agreement with Ørsted for carbon dioxide removal (CDR) credits, and Yara Clean Ammonia and Höegh Autoliners’ clean ammonia supply deal for new car carrier vessels. Amazon has also launched a request for proposal for shipping on zero-emission vessels, and Delta, Bank of America, Ecolab, Xcel Energy, and Greater MSP have established the Minnesota SAF Hub for sustainable aviation fuel (SAF).
These deals not only represent direct investment in climate technologies but also support the commercialization and acceleration of decarbonization efforts in heavy-emitting sectors. FMC’s work is vital to scaling these technologies by 2050 and aligns with the IPCC’s warning that the world is not reacting fast enough to the climate crisis. With the global temperature rise limit set at 1.5°C, the development and scaling of new decarbonizing technologies are crucial.
The coalition also collaborates with 13 governments, including Australia, Canada, Denmark, Germany, India, Italy, Japan, Norway, Singapore, Sweden, the UAE, the UK, and the US, which together account for over 50% of global GDP.
FMC encourages climate leaders in target sectors to join its initiative, spotlighting member companies’ commitments, connecting them to qualified supply, and facilitating collaboration and an ecosystem to achieve these commitments.