Corporate titans pledge to buy ‘Green’ commodities at Davos

Averting Climate Change

More than 50 corporate titans pledge to buy ‘Green’ commodities at Davos annual meeting 2022

Published: June 15, 2022 By CSE research team

The World Economic Forum, also known as the Davos Forum, has served for more than 50 years as a global platform where leaders of some of the world’s largest businesses address critical issues every year. After two years, the annual meeting has returned to an in-person meeting format. Taking into account the challenges that the world is facing, from COVID-19 pandemic to humanitarian and energy crisis. Davos gathering is overshadowed by global economic worries and is one of the most critical meetings so far.  Nearly 2,500 global leaders from business, politics and civil society were expected to take part in this rare springtime version of Davos.

The most important highlight of this meeting was the pledge of more than 50 corporations to join the First Movers Coalition, which is a global “buyers’ club” that brings together global companies with supply chains across carbon-intensive sectors. Corporate titans, including Ford Motor Co., Volvo Group, Alphabet and Microsoft, have pledged to buy commodities, such as aluminum or steel, made from processes that emit little to no carbon.

Specifically, Alphabet, Microsoft and Salesforce collectively committed $500 million to carbon dioxide removal, while the Boston Consulting Group committed to remove 100,000 tonnes of carbon by 2030. On the other hand, Ford Motor Co. and the Volvo Group have pledged that 10% of their primary aluminum purchases will be manufactured with little to no carbon emissions by 2030.

Except for companies, governments have also joined the coalition, including India, Japan, Sweden, Denmark, Italy, Norway, Singapore and Britain.

The First Movers Coalition, first launched by the U.S., includes businesses that make major purchases around green technologies and down their supply chains. They have committed to delivering impact in six sectors by 2030: Carbon dioxide removal, Aluminium, Aviation, Shipping, Trucking and Steel.

Climate change is having a great impact to many countries with record-breaking heat and this movement sends a strong message that more investing and scaling up of technologies like green steel, green hydrogen and carbon capture are needed.

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