Carbon removal continues to grow as many developments are piling up this week. Patch – the company that leads clients on their decarbonization journey, announced it will join the First Movers Coalition (FMC), to connect them with carbon removal project developers, leveraging its software that scales long-term net-zero transformation.
The collaboration also aligns with Patch’s mission to advance technology that makes meaningful climate action a part of everyone’s business.
Relevant: Climate Tech Startup Patch Raises $55M In Series B Round
The First Movers Coalition is a global initiative led by the World Economic Forum and the U.S. Department of State that has brought together more than 60 companies worldwide to build early markets for clean technologies. The Coalition was launched at the 2021 UN Climate Change Conference, COP26 in Glasgow.
Some of the FMC members are companies like Alphabet and Microsoft, which have committed to contract 50,000 tonnes or $25 million worth of durable and scalable carbon dioxide removal by the end of 2030. Members in the coalition have a combined ~$8 trillion in market capitalization.
Their strong carbon removal purchasing potential sends a market signal that there is a huge demand for market players to commercialize decarbonization technologies.
Relevant: Patch Offtake Offers Access To Innovative Carbon Removal Portfolio
According to the First Movers Coalition, Patch was selected as a carbon removal sector implementation partner in order to offer solutions that meet high durability and scalability requirements. Patch’s platform aims to bring market insights and opportunities for decarbonization and should help the coalition to participate in effectively scaling the carbon removal technology ecosystem.
“Recognizing the urgency to achieve commercial scale carbon removal within the decade, First Movers Coalition members have pledged to catalyze innovation through sizable commitments to purchase durable and scalable carbon removal… The First Movers Coalition’s implementation partners for carbon removal play an important role in enabling these commitments, and we welcome Patch as our latest implementation partner,” said U.S. Special Presidential Envoy for Climate John Kerry.
