Trafigura has made a public carbon dioxide removal commitment as a founding member of the First Movers Coalition (FMC). The company pledged to purchase at least 50,000 tons of durable and scalable net carbon dioxide removal credits by the end of 2030 generated through advanced carbon dioxide removal technologies.
rafigura’s commitment, in line with the FMC guidelines and other companies making this commitment, is subject to the availability of technology supply that enables companies to meet their 2030 purchase pledges.
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.
Led by the World Economic Forum and the US government, the FMC targets the heavy industry and long-distance transport sectors responsible for 30% of global emissions – a proportion expected to rise to over 50% by mid-century without urgent progress on clean technology innovation.
The World Economic Forum has partnered with the US Special Presidential Envoy for Climate John Kerry and 69 global businesses to invest in innovative green technologies. These financing commitments will ensure new technologies are available for scale-up by 2030 and make a critical contribution to achieving net-zero emissions by 2050.
Since it was launched at COP26, the FMC has brought together global companies with supply chains across carbon-intensive sectors. Trafigura, as a Founding Member of the FMC is already a signatory to the FMC shipping and aluminium sector commitments.