Volvo Group joins First Movers Coalition
Accelerating innovation in this decade is critical to bring these technologies to market and make them cost-competitive. To jumpstart this effort, the World Economic Forum, in partnership with US Special Presidential Envoy for Climate John Kerry, announced the First Movers Coalition – a new platform for companies to make purchasing commitments that create market demand for low carbon technologies. Volvo Group joins the Coalition as founding member.
The commitments aim to be collectively significant enough to commercialize emerging decarbonization technologies. The First Movers Coalition will create long-term impact by driving milestones this decade through investment into these technological solutions.
The First Movers Coalition provides opportunities for a wide range of companies to make commitments, take action and build the clean and profitable supply chains of the future. It also brings together a range of civil society and expert organizations to build momentum, complement ongoing efforts and input into the design of the initiative.
Phase 1 commitments launched
These commitments target new technologies and aim to create a market by 2030 that can be ramped up to achieve decarbonization in 2050. Volvo has as a founding member made commitments in two sectors.
Trucking: Members commit to purchase or contract zero-emission medium and heavy-duty vehicles by 2030. These can include battery or fuel-cell electric vehicles and also incorporate renewable sources of electricity and hydrogen for charging. Trucking owners and operators also set a target that at least 30% of their heavy-duty and 100% of their medium-duty truck purchases will be zero-emission trucks by 2030. Retailers & manufacturers set a target that they will require all of their trucking service providers to meet the trucking owners and operators’ commitment by 2030.
Steel: Members commit to purchasing volumes of near-zero emissions steel by 2030. The deployment of breakthrough iron and steelmaking technology is needed to deliver a net-zero steel sector with minimal residual emissions. These technologies include hydrogen direct reduction, carbon capture use and storage, and electrolysis-based production processes. Steel purchasers set a target that at least 10% of their annual steel procurement volumes by 2030 meet or exceed the First Movers Coalition definition for ‘breakthrough steel’.
The remaining sectoral commitments will launch in early 2022.
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