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 commercialise 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.
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.
US Special Presidential Envoy for Climate John Kerry made the announcement alongside Bill Gates, founder of Breakthrough Energy, at a press briefing hosted by the World Economic Forum.
Alphabet, Microsoft and Salesforce have collectively committed $500 million to carbon dioxide removal (CDR). Microsoft will further serve as an expert partner by sharing lessons from its carbon removal auctions.
Boston Consulting Group (also the First Movers Coalition Knowledge Partner) commits to removing 100,000 tonnes of carbon.
Three additional companies have each committed to 50,000 tonnes or $25 million of carbon removal: AES, Mitsui O.S.K. Lines and Swiss Re.
All members must deliver on their commitments by 2030 and demonstrate that the carbon can be stored for more than 1,000 years. Members’ carbon removal purchases will be supported by implementation partners, including Breakthrough Catalyst, Carbon Direct, Frontier and South Pole.
Carbon dioxide removal is the process of removing carbon dioxide from the atmosphere and locking it away. The latest Intergovernmental Panel on Climate Change (IPCC) report emphasises that due to a lack of progress on emissions mitigation to date, limiting the global temperature rise to 1.5⁰C will now be impossible without carbon removal solutions.