Cop26 saw the creation of the First Movers Coalition (FMC). Comprised of 34 members, they have collectively pledged to buy more low-carbon products in an attempt to increase demand and, subsequently, bring down costs.
The coalition counts the likes of Apple, Amazon, Boeing and DHL among its members.
The U.N. International Panel on Climate Change (IPCC) has stated that international efforts to limit global temperature rises to 1.5 degrees Celsius depends on cutting emissions by 45% in the next eight years.
In order to help to combat this pressing issue, the FMC has committed to buy low-carbon products at scale in spite of their high cost. Low-carbon cement and steel, zero emissions heavy duty trucks, sustainable aviation fuels and direct air capture are all on the menu.
The idea behind the movement is that big businesses purchasing these items at scale will affect a rise in demand and, in turn, a drop in prices. This will then make these technologies more accessible to more people.
Representing a combine $6 trillion of market value, the group has the size and spending power collectively to make a real impact.
At Cop26, the FMC made specific purchasing commitments for themselves to meet by 2030. These commitments came in the in steel, trucking, shipping and aviation fuel sectors. Remaining sectors will see commitments confirmed later in 2022.
Speaking at the launch, U.S. Special Presidential Envoy for Climate, John Kerry stated that the FMC would “turbocharge” innovation in tackling emissions.
He added that “We’re going to need to do this across the economy, from region to region, hemisphere to hemisphere, continent to continent.”
Meanwhile, the US Government unveiled plans for a multi-agency “Buy Clean Task Force”. This will be given the spending power of $650 billion each year to purchase greener products.
These moves fall in line with positive shifts in the approach to sustainability from businesses around the world. Kara Hurst (Chief Sustainability Officer at Amazon), has confirmed that the company has pledged to go net zero by 2040. This pledge includes an interim commitment to deliver 50% of their shipments with net-zero carbon by 2030.
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