Drax today announced its membership in the First Movers Coalition (FMC), playing its part in the development of the nascent carbon dioxide removals (CDR) market and working toward becoming a global leader in the potentially trillion-dollar sector.
The FMC, which was launched at COP26 by U.S. Special Presidential Envoy for Climate, John Kerry, is a coalition of companies who use their collective purchasing power to create early markets for innovative clean technologies.
Led by the World Economic Forum and the U.S. Department of State, the FMC is currently focused on addressing eight hard to abate industries, which are currently responsible for 30% of global emissions, such as shipping and aviation.Drax will join the Carbon Dioxide Removals group, comprised of businesses with commitments to purchase durable and scalable carbon removals from solutions such as Bioenergy with Carbon Capture and Storage (BECCS), a vital new technology, in which Drax is a pioneer.
Carbon removals are used by organizations to balance their hard-to-abate carbon emissions, achieve a net zero and, in some cases, a carbon negative status. Longer lasting and lower risk carbon credits, such as the types generated by carbon removals technologies, are increasing in demand as more organizations look to hit their decarbonization targets.
“The commitments to carbon dioxide removals we are seeing in the market now are essential to accelerating the deployment of climate saving technologies like bioenergy with carbon capture and storage (BECCS) which we will need to meet our climate goals,” said Will Gardiner, CEO of Drax Group. “We welcome the opportunity to join the World Economic Forum in their efforts developing early markets for innovative technologies like BECCS.””We are thrilled to welcome Drax to the First Movers Coalition and look forward to working alongside the company to drive the acceleration of the global carbon removals market,” said Nancy Gillis, Program Head of the First Movers Coalition at the World Economic Forum.
“The First Movers Coalition believes that reducing emissions to net-zero by 2050 is possible if the right technologies are brought to commercial scale within the next decade, and we need companies like Drax to champion this mission to enact the change we need,” said Gillis.With the right government engagement, Drax plans to invest billions over the coming years in global carbon removals and renewable energy projects, with the aim of capturing 14Mt a year of carbon removals by 2030 globally and to be a global leader in carbon removal projects.
“Through BECCS, Drax aims to be a global leader in high-integrity carbon removals and as part of that ambition we welcome the opportunity to demonstrate leadership and investment in the sector,” said Gardiner