At least 65 multinational companies join to form $12 billion WEF fund for removing CO2 – www.cairnsnews.org

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https://www.weforum.org/impact/sustainable-food-markets-davos2023/

https://www.weforum.org/impact/first-movers-coalition-is-tackling-the-climate-crisis/

The impact of investing in innovative green technologies

From WEF

The World Economic Forum is partnering with the US Special Presidential Envoy for Climate John Kerry and 65 global businesses to invest in innovative green technologies. These financing commitments will ensure new technologies are available for scale-up by 2030 and make a critical contribution to achieving net-zero emissions by 2050.

Since it was launched at COP26, the First Movers Coalition has brought together global companies with supply chains across carbon-intensive sectors. They range from major consumer goods firms that ship, truck and fly their products, to renewable energy companies that use steel to build wind turbines.

The companies – whose collective market value exceeds $8 trillion across five continents – have committed $12 billion in 2030 purchase commitments for green technologies to de-carbonize the cement and concrete industry and other hard-to-abate sectors such as shipping, trucking, and aviation. This group is also championing negative emissions through advanced carbon dioxide removal technologies.

At least 65 companies have now joined the First Movers Coalition which aims to de-carbonize the heavy industry and long-distance transport sectors responsible for 30% of global emissions.
This coalition of global companies has committed $12 billion in purchase commitments for green technologies to de-carbonize the cement and concrete industry and other hard- to-abate sectors.
Denmark, India, Italy, Japan, Norway, Singapore, Sweden and the United Kingdom have joined the US as government partners to create early markets for clean technologies through policy measures and private sector engagement.

During the World Economic Forum Annual Meeting 2022 in Davos, First Movers Coalition members Alphabet, Microsoft and Salesforce 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 and the Boston Consulting Group committed to remove 100,000 tonnes of carbon by 2030.

Through the Coalition, these companies collaborate with other private sector members such as A.P. Møller-Mærsk, Amazon, Apple, Bank of America, FedEx, National Grid, Ford Motor Company, Mahindra, SSAB Swedish Steel, Trafigura, Vattenfall, Volvo Group, Yara International, Western Digital and many more.
?Denmark, India, Italy, Japan, Norway, Singapore, Sweden and the United Kingdom have joined the US as government partners to create early markets for clean technologies through policy measures and private sector engagement.

The challenge with using technology to combat climate crisis.
If average global temperatures reach 1.5ºC above pre-industrial levels, we can expect the Arctic Ocean to have one ice-free summer every 100 years. But if warming rises to 2ºC, ice-free summers in the Arctic could happen every 10 years according to the Intergovernmental Panel on Climate Change (IPCC).

Put differently, the risks to our climate of a rise in global temperatures of 2ºC over pre-industrial levels could make life unbearable for millions of people. The critical climate target of 1.5ºC can only be reached if new decarbonizing technologies are developed at speed

However, the technologies required to clean up the most polluting sectors – such as hydrogen to reduce iron ore, green ammonia to fuel ships, or carbon capture and storage – are either not available or not yet commercially viable.

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