Zero Carbon Tech for Building Materials Gets $12 Billion Commitment at COP27
The World Economic Forum and US Special Presidential Envoy for Climate announced today at COP27, the expansion of a coalition of global companies, to commit $12 billion in 2030 purchase commitments for zero carbon and green technologies to decarbonise the cement and concrete industry and other hard-to-abate sectors. The latest expansion of the First Movers Coalition – made up of 65 companies with a collective market value of approximately $8 trillion – focuses on cleaning up one of the world’s most carbon-intensive industry sectors through purchasing commitments for low-carbon technology. From construction and engineering to real estate and developers, newly announced First Mover companies have committed to purchasing at least 10 percent near-zero cement and concrete per year by 2030.
“Cement is the second most consumed product globally after potable water, and the demand signal that top companies have set today for near-zero concrete will drive critical investment in next-generation technologies,” said John Kerry, US Special Presidential Envoy for Climate. “I am also delighted with the increased commitments we have announced across our existing long-distance transport, heavy industry and carbon removal sectors. This unprecedented $12 billion dollar demand signal will bring competitive technologies to market this decade that are needed to decarbonize so-called ‘hard-to-abate’ sectors of the global economy.”
Kerry announced the expansion of the First Movers Coalition alongside Brad Smith, President and Vice-Chair of Microsoft, Mads Nipper, Chief Executive Officer of Ørsted, and Fernando González, Chief Executive Officer of CEMEX. Founding coalition members of the cement and concrete sector are General Motors, Vattenfall, ETEX, Ørsted and RMZ Corporation.
Photo courtesy of Pixabay.