ENERGY TRANSITION
First Movers Coalition: World Economic Forum and US government for energy transition
Context and challenges
Seven high emitting industrial sectors1 currently account for 30% of global emissions and, if left unabated, these sectors are projected to account for 50% of emissions by 2050.
The World Economic Forum estimates that 50% of the reductions needed to achieve Net Zero emissions by 2050 must come from technologies not yet available at scale.
Initiative Description
The First Movers Coalition (FMC)2 is a global initiative launched at COP26, harnessing the purchasing power of companies to decarbonize high emitting industrial sectors. By building early demand through purchasing commitments, FMC aims to accelerate the adoption of breakthrough Near Zero emissions technologies – such as sustainable aviation fuels, or cement and concrete production using CCUS3 – to reach commercial scale by 2030.
Members commit to purchase products and services based on nascent technologies in specific sectors2 with carbon dioxide removal as a key solution.
With 90+ members, 115+ commitments, and 13 government partners, FMC sends an unprecedented USD 15+ Bn demand signal for clean technologies to decarbonize these critical sectors.
FMC offers a range of support activities to help members move from commitments to offtake such as:
- In-country workshops to foster the commitments
- Establish tools and processes to streamline procurement
- Build an enabling ecosystem (i.e., finance, infrastructure and policy) to support members meeting their commitments
Commitments from Business & Philanthropy
Submit a commitment letter pledging to meet sector-specific demand and:
Participate in leadership meeting to monitor progress and in quarterly sector working groups
Bring relevant additional members to reach sector-wide decarbonization
How to get involved?
- Aviation, shipping, trucking, steel, aluminum, cement & concrete
- Launched at COP26 in 2021
- Carbon capture, utilization and storage
Source: First Mover Coalition