Trafigura Group, a commodity trading company, announced it has made a public CO2 removal commitment as a founding member of the First Movers Coalition (FMC). Trafigura has committed to purchase at least 50,000 tons of net CO2 removal credits by the end of the decade.
The First Movers Coalition, which is led by the World Economic Forum and the U.S. government, targets heavy industry and long-distance transport, which cumulatively account for 30% of global emissions. Without urgent measures to speed up green tech, that number is expected to reach over 50% by the middle of the century.
The World Economic Forum, the U.S. Special Presidential Envoy for Climate John Kerry, and 69 global companies, all part of FMC, have joined forces to invest in innovative clean technologies. Their commitments aim to ensure that innovative technologies are available for scale-up by 2030 and can contribute to reaching net-zero emissions by 2050.
First introduced at COP26, the FMC brings together global businesses with supply chains across CO2-intensive sectors. Trafigura has joined the FMC shipping and aluminum industry commitments.
“In making our third commitment to the First Movers Coalition and its aims, we are pleased to join other leading companies in sending a firm market demand signal for important technologies and fuels that are essential to achieving a low-carbon future,” said Jeremy Weir, Trafigura’s Executive Chairman and Chief Executive Officer. “I’m looking forward to continuing to engage in the coalition and to fulfilling Trafigura’s shipping, aluminum and carbon dioxide removals commitments.”