Boost For Zero-Carbon Technologies As 65 Global Companies Pledge To Spend $12 Billion
- Nov 22, 2022
- 1 min read
Written by: Katie Scott, Business Reporter
Among the pledges being made at the global environmental gathering - COP27 - was an agreement by 65 global companies - including Microsoft - to use their purchasing power to help low-carbon technologies thrive.
The First Movers Coalition has made the commitment “to collectively purchase $12 billion of nascent low-carbon products and services by 2030 to help suppliers develop their offerings and scale up”, according to the Wall Street Journal.
The Coalition explains that its aim is to decarbonise “seven “hard to abate” industrial sectors that currently account for 30 percent of global emissions”. These are aluminium production: aviation; chemicals; concrete; shipping and steel and trucking. It is also working to champion “innovative Carbon removal technologies”.
It writes: “For these sectors to decarbonise at the speed needed to keep the planet on a 1.5-degree pathway, they require low-carbon technologies that are not yet competitive with current carbon-intensive solutions but must reach commercial scale by 2030 to achieve net-zero emissions globally by 2050.”
The initiative was launched at last year’s COP gathering in Glasgow. After the event, in May, Microsoft joined the ranks of Volvo and General Motors in the coalition. Brad Smith, vice chairman and president of Microsoft said: “It’s just extraordinary in my view to see the continuing diversification of efforts, the large companies that are making real and very important practical commitments.” Microsoft committed to spend $200 million on long-duration carbon removal.
The First Movers Coalition has grown from 25 to 65 members in a year, and this includes both companies and governments.
