As the growing power of climate change causes ever-greater damage, we must address carbon emissions that can alter that path. To avoid the worst impacts of this change, we must reduce 420 gigatons (or billion tons) of global emissions by 2050 and remove 10-13 gigatons of emissions per year by 2050 while also protecting our natural carbon sinks.
Simultaneously companies have their own financial goals and targets. Thus, it’s imperative that we find ways across economies to grow without adding more emissions, and that takes commitment across major enterprises.
Climate change won’t wait for us to win a consensus for bolder action. And we can’t afford to ignore any tool that will lead to faster progress. Carbon markets can provide billions of dollars towards climate solutions and support equitable and just economic development.
The First Movers Coalition Plan
There is now a group that has mobilized to lead this charge. By 2050, 50 percent of emissions reductions needed to achieve net zero are expected to come from technologies not yet available at scale. Building early market demand for such technologies by 2030 will be critical to catalyze their commercial adoption.
The First Movers Coalition (FMC) is the World Economic Forum’s flagship decarbonization initiative, seeking to scale the emerging technologies needed to decarbonize the world’s heavy-emitting sectors. This collective of over 90 companies has committed to supporting this critical mission, and Cloverly is proud to join these efforts as an Implementation Partner.
With major players such as Amazon and Apple involved, FMC is targeting seven sectors to drastically reduce global emissions: Aluminum, Aviation, Chemicals, Concrete, Shipping, Steel, and Trucking.
These industries are challenging to decarbonize due to entrenched incentives favoring current technologies. To stay below 1.5 degrees of global warming, low-carbon alternatives must become competitive quickly.
Cloverly and the FMC
Members of the CRD sector of FMC are driving change by investing in low-carbon and carbon dioxide removal (CDR) technologies. Each has pledged to contract 50,000 tonnes of durable and scalable CDR by 2030, accelerating these technologies’ commercialization and cost reduction.
Cloverly is the digital infrastructure for the voluntary carbon market enabling buyers to access high-quality carbon credits and project suppliers to run their business on purpose built software. Enterprise businesses can use our platform for direct or high-quality carbon credit purchases including spot, forward and offtakes.
In addition our selection of carbon removal projects and portfolios are vetted by in-house climate scientists with market-leading proprietary due diligence and Measurement, Reporting, and Verification (MRV). This process enables corporate buyers to run their carbon credit strategy with complete confidence.
By partnering with FMC, Cloverly helps provide market insights, and support dialogues to bring catalytic carbon finance into high-quality CDR projects.
A Combined Effort
The collaboration between Cloverly and the First Movers Coalition is a testament to the importance of innovative initiatives in addressing climate change. By providing a safety net for carbon credits, the partnership aims to boost the credibility and effectiveness of the CDR market, making it a more attractive option for businesses committed to achieving their sustainability goals.
Now is the time to act.
Reach out to Cloverly today to get started.
