The global goal to reach net zero is critically dependent on transforming the high-emitting sectors of long-haul transportation and industrial materials that account for roughly 25% of all emissions. This report captures the achievements of the First Movers Coalition (FMC) in stimulating demand for low-carbon technologies since its launch in November 2021.
Half the emissions reductions needed to achieve net zero are expected to come from technologies not yet available at scale. Building early market demand for such technologies by 2030 is critical to help scale-up and catalyse their mainstream adoption for carbon-intensive sectors.
In less than three years, members of the FMC – an initiative co-launched by the World Economic Forum and the US government (through the Office of the US Special Presidential Envoy for Climate) – have generated the world’s largest private sector demand signal for breakthrough low-carbon technologies, which typically deliver 80% or more of carbon abatement.
In total, 99 corporate members have made more than 125 commitments across FMC’s seven sectors: aviation, shipping, trucking, aluminium, cement/concrete, steel and carbon dioxide removal. By 2030, these commitments will represent an annual demand of around $16 billion for near-zero technologies – delivering an estimated 31 million tonnes (Mt) of carbon dioxide-equivalent (CO2e) in annual emissions reductions.
The FMC also counts 13 governments as partners. During 2023-24, FMC convened three in-country workshops in Brazil, India and South Africa, which attracted attendees from industry value chains, government and finance to discuss key levers across policy, regulations and finance to accelerate domestic supply relevant to meeting FMC commitments.