GE Vernova is joining the First Movers Coalition, a global collective of companies leveraging their purchasing power to decarbonise the world’s heavy-emitting sectors.
On joining, GE Vernova is making a voluntary commitment that at least 10% of all steel purchased will be near-zero emissions by 2030, measured by volume per year.
Scott Strazik, chief executive, GE Vernova, (pictured) said: “GE Vernova is proud to join the First Movers Coalition as we focus on accelerating the path to more reliable, affordable, and sustainable energy.
“As we continue our work to electrify and decarbonize the world, the FMC’s initiative provides an important opportunity to succeed in product stewardship and energy at the same time.”
Led by the World Economic Forum and the US Government, the FMC targets the heavy-emitting sectors including aluminium, aviation, concrete, shipping, steel, and trucking, which are responsible for 30% of global emissions.
For these sectors to decarbonise at the speed needed to keep the planet on a 1.5-degree pathway, they require low-carbon technologies that are not yet available at scale or competitive with current carbon-intensive solutions.
FMC member companies commit to purchasing a percentage of near-zero or zero-carbon solutions from suppliers, despite the premium cost.
If enough global companies commit a certain percentage of their future purchasing to clean technologies in this decade, this will create a market tipping point that will accelerate their affordability and drive long-term, net-zero transformation across industrial value chains.
Rob van Riet, head of the First Movers Coalition, said: “FMC has become the world’s largest, private sector, clean demand signal for emerging climate technologies.
“Our 95 members have collectively made 120 commitments – by 2030, these commitments will represent an annual demand of US$15bn for emerging climate technologies and 29 million tonnes (Mt) CO2e in annual emissions reductions.
“GE Vernova’s participation adds significant strength and purchasing power to FMC’s steel sector commitments and will help to scale decarbonized technologies for steelmaking, while supporting GE Vernova’s goals of providing sustainably produced energy to millions of people worldwide.”