Skip to content
Search

Latest Stories

Mahindra, Dalmia join first movers coalition to boost demand for decarbonisation technologies

Mahindra, Dalmia join first movers coalition to boost demand for decarbonisation technologies

COMPANIES like Amazon and Apple as well as Mahindra Group and Dalmia Cement (Bharat) from India have joined as founding members of the 'first movers coalition' to work towards driving demand for zero-carbon technologies, the World Economic Forum (WEF) has said.

The Coalition has been launched at the COP26 Summit being held in Glasgow.


Roughly half of the emission reductions needed to reach the 2050 climate goals rely on technologies in early development, demonstration or prototype phases, while accelerating innovation in this decade is critical to bring these technologies to market and make them cost-competitive.

The WEF, in partnership with US special presidential envoy for climate John Kerry, has announced the first movers coalition, a new platform for companies to make purchasing commitments that create new market demand for low-carbon technologies.

The commitments aim to be collectively significant enough to commercialise decarbonisation technologies. The Coalition will create a long-term impact by driving milestones this decade through investment into these technological solutions.

It will work across eight key sectors, seven of which -- steel, cement, aluminium, chemicals, shipping, aviation, and trucking -- account for more than a third of global carbon emissions but do not have cost-competitive clean energy alternatives to fossil fuels.

The eighth, direct air capture, could reduce atmospheric carbon dioxide levels to help achieve net-zero global emissions but also requires technological innovation to reach commercial viability, the WEF said.

The founding members of the Coalition include Agility, Airbus, Amazon, Apple, Bain & Company, Bank of America, Boston Consulting Group, Boeing, Dalmia Cement (Bharat) Limited, Delta Air Lines, Mahindra Group, Nokia, ReNew Power, Salesforce, United Airlines, Volvo Group and Yara International.

WEF President Borge Brende said, "Technology has given us the tools to reduce our emissions and build a stronger and more inclusive economy of the future. For innovators and investors to play their part in tackling the climate crisis, they need clear market demand.

"The first movers coalition will leverage the collective purchasing power of leading companies and drive the need for these technologies. I call on business leaders to work with us and be the role models keeping our climate goals alive."

Kerry said the First Movers Coalition is a platform for the world's leading global companies to make purchasing commitments to create early markets for critical technologies needed to achieve net-zero by 2050.

Members of the coalition have committed to using emerging technologies including sustainable aviation fuels (SAF) with significant emissions reductions, electric, and hydrogen propulsion for air travel by 2030.

Airlines and air transport companies have set a target of replacing at least five per cent of conventional jet fuel demand with SAF, which reduces the life-cycle of GHG emissions by 85 per cent or more when compared with conventional jet fuel, and/or using zero-carbon emitting propulsion technologies by 2030. Similar targets have been set for airfare and air freight purchasers.

For the steel sector, members have committed to purchasing volumes of near-zero-emissions steel by 2030.

These technologies include hydrogen direct reduction, carbon capture use and storage, and electrolysis-based production processes. Steel purchasers set a target that at least 10 per cent of their annual steel procurement volumes by 2030 meet or exceed the first movers coalition definition for near-zero emissions steel.

More For You

UK business district
The Canary Wharf business district including global financial institutions in London.
Getty Images

Economy grew 0.7 per cent in Q1 2025, fastest in a year

THE UK economy expanded at its fastest pace in a year during the first quarter of 2025, driven by a rise in home purchases ahead of a tax deadline and higher manufacturing output before the introduction of new US import tariffs.

Gross domestic product rose by 0.7 per cent in the January-to-March period, the Office for National Statistics (ONS) said, confirming its earlier estimate. This was the strongest quarterly growth since the first quarter of 2024.

Keep ReadingShow less
Rosneft in early talks to sell India refinery stake to Reliance

Reliance Industries chairman Mukesh Ambani (Photo: Getty Images)

Rosneft in early talks to sell India refinery stake to Reliance

RUSSIAN oil major PJSC Rosneft Oil Company is in early discussions with Reliance Industries to sell its 49.13 per cent stake in Nayara Energy, an Indian energy company that operates a 20-million-tonnes-per-year oil refinery and 6,750 petrol pumps, sources familiar with the matter said.

The deal, if finalised, would see Reliance overtake state-owned Indian Oil Corporation (IOC) to become India’s largest oil refiner. It would also provide Reliance with a significant expansion in fuel retailing, where it currently holds a relatively small presence.

Keep ReadingShow less
modi-trump-getty
Trump shakes hands with Modi during a joint press conference at Hyderabad House in New Delhi on February 25, 2020. (Photo: Getty Images)
Getty Images

Key issues in India, US trade talks

TRADE talks between India and the US have hit a roadblock over disagreements on duties for auto components, steel and farm goods, Indian government sources said to Reuters, dashing hopes of reaching an interim deal ahead of president Donald Trump's July 9 deadline to impose reciprocal tariffs.

Here are the key issues at play:

Keep ReadingShow less
Anil Agarwal

Vedanta Resources, which is based in the UK and owned by Indian billionaire Anil Agarwal, has been working on reducing its debt. (Photo credit: Getty Images)

Getty Images

Anil Agarwal’s Vedanta Resources signs £438 million refinancing deal

VEDANTA LTD said on Thursday that its parent company, Vedanta Resources, has signed a loan facility agreement worth up to £438 million with international banks to refinance existing debt.

The refinancing move, where old loans are replaced by new ones, often at better terms like lower interest rates, has led ratings agencies such as S&P Global Ratings and Moody's to upgrade their outlook on the company this year.

Keep ReadingShow less
Trump-Getty

Trump said that while deals are being made with some countries, others may face tariffs.

Getty Images

Trump says major trade deal with India may be finalised soon

US PRESIDENT Donald Trump on Friday said a "very big" trade deal could be finalised with India, suggesting significant movement in the ongoing negotiations between the two countries.

“We are having some great deals. We have one coming up, maybe with India. Very big one. Where we're going to open up India," Trump said at the “Big Beautiful Bill” event at the White House.

Keep ReadingShow less