In an effort to motivate corporations around the world to prioritize clean energy when purchasing materials and establishing their supply chains, President Joe Biden on Tuesday announced the formation of a new group of private companies called the First Movers Coalition.
The group, which includes more than 25 major companies so far, is meant to set the standard in industries like steel, aviation, trucking, shipping, concrete and more, which together count for about 30% of the world’s carbon emissions.
The coalition will commit to buying low-carbon products by 2030, which is meant to signal more demand for clean technologies, such as electric trucks and “green” steel, in order to push for innovation and global movement toward a green supply chain.
Companies that have signed on include Apple, shipping company AP Møller–Mærsk, Boston Consulting Group, power company Vattenfall, Dalmia Cement, Volvo Group and the Fortescue Metals Group.
“We can't achieve our goals through government action alone,” Biden said Tuesday in Glasgow at the U.N Climate Change Conference. “These companies will be critical partners in pushing for commercially viable alternatives to decarbonize these industrial sectors and more.”
The First Movers Coalition includes hundreds of billions of dollars in purchasing power, according to a White House fact sheet, creating a “buyers club” to spur market demand for clean energy.
U.S. Special Presidential Envoy for Climate John Kerry is leading the charge along with the State Department and the World Economic Forum.
Kerry, President Biden, and WEF President Børge Brende all met with business leaders in Scotland Tuesday to discuss the new effort, which officially launches on Thursday, Nov. 4, when all the members will be revealed.
The First Movers Coalition is another piece of the U.S. plan to reduce carbon emissions and achieve net-zero emissions by 2050.