Businesses spur demand for emerging climate cleantech solutions worth $16bn annually

The First Movers Coalition was established by the World Economic Forum and the US Envoy for Climate, John Kerry in 2021. In its infancy, the Coalition garnered the support of 29 founding member corporates across sectors including aviation, shipping, trucking, steel, cement, chemicals and aluminium.

The Coalition now comprises 96 members, with more than 120 commitments to purchase near-zero emission goods and services by 2030. The WEF has announced that existing commitments – covering more than 120 projects and partnerships – represent $16bn in annual market demands by 2030, the largest demand for emerging climate technologies from the private sector. The commitments are also expected to account for 31 million tonnes (Mt) CO2e in annual emissions reductions.

“The First Movers Coalition is proving the power of private sector cooperation to drive meaningful climate action,” WEF’s president Børge Brende said.

“Together, the Coalition’s member companies are sending an unprecedented signal of demand, which will serve to drive up investment in and production of the critical emerging technologies needed to decarbonize the most heavy-emitting industrial sectors.”

The most recent members to join FMC are: Qatar Airways, Velux, The Coca Cola Company, GE Vernova, DP World Limited, Capgemini, Danfoss A/S, Hanwha Ocean, Neutron Holdings (Lime), Volvo Cars, Inc., Chooose AS, Boom Technology, Drax Corporate Limited and Norsk Hydro ASA.

The Coalition has also unveiled the First Suppliers Hub, a global repository of innovative and emerging technologies and suppliers that are working to meet the Coalition’s commitments across high-emissions sectors.

The Coalition is working off the International Energy Agency’s (IEA) net-zero by 2050 scenario. The Agency has claimed that delivering around half of the global emissions reductions needed by 2050 will require technologies that are in early development, demonstration or prototype phases.

FMC members have been involved in 94 offtake agreements or investment projects to secure emerging climate technologies.

One key area of development is that of aviation. In August 2023, Salesforce, JetBlue Ventures, Deloitte and other aviation industry leaders launched an initiative supporting entrepreneurs developing sustainable technologies for aircraft.

On steel, the Coalition is running a challenge to uncover near-zero emissions steel, as well as enabling technologies that could be leveraged to support supply.