The WEFs announcement of the FMC was among the most important of the week. The First Movers Coalition has committed to significant purchases of green projects and services in the difficult fields of steelmaking, aluminum, and transportation. LINK
We agree with this assessment by a prominent US Journalist who covers the World Economic Forum. According to Fortune Senor Editor Alan Murray:
“ There were a few moments of importance. Top of my list was the announcement of an expansion of the First Movers Coalition, which is designed to speed up scaling of climate solutions. Bill Gates is the godfather of the effort, and U.S. Climate Envoy John Kerry its indefatigable champion, with the World Economic Forum playing an important supporting role. The idea is to get companies to commit in advance to buying specific amounts of green coal, green steel, green hydrogen, green cement, green aluminum, and carbon removal so that companies, entrepreneurs, and financiers have the confidence to invest now to meet that future demand.”
Leadership is emerging among governments and the business community. The recently formed First Movers Coalition (FMC) is an example. The FMC is now 55 of largest companies committing billions to purchase green sustainable products and services to grow the market for these green solutions. But where will those solutions come from? Will they be competitive?
Leadership is emerging among governments and the business community. The recently formed First Movers Coalition (FMC) is an example.
Can industry groups find solutions and share those ideas with competitors such that their entire sector reduces their carbon footprint? Mission Possible Partnership (MPP) is such an initiative to address six high emission industries.
And then we need support the entrepreneurs, scientists and engineers with the ideas that can provide breakthroughs. Breakthrough Energy is the model for doing this. It has engaged the most accomplished venture capitalists and entrepreneurs and raised a vast fund currently being invested in dozens of companies.
Groups such as these need the full support of policymakers and the business community. Dramatic innovation and creativity are needed. Business as usual won’t work. There is no time for politics, silos and the resulting inefficiency. Altru’s goal is to support ideas to compressing the time from invention to commercialization for promising solutions. Collaboration is required among countries an increasing challenge in a divided world.
Categories: THE CLIMATE INVESTOR