Accelerating to Net Zero

Davos 2024 Session Recap

Accelerating towards 2050 targets emerges as the focus for governments and the First Movers Coalition, as it observes a marketplace that is able to both act and allocate capital responsibly.

“It’s not that we don’t know what to do; it’s that we’re not doing any of what we need to do big enough or fast enough,” said John F. Kerry, Special Presidential Envoy for Climate, National Security Council (NSC), as he opened the discussion to the successes and challenges of the recently launched First Movers Coalition (FMC) at the World Economic Forum Annual Meeting today in Davos. 

As the First Movers Coalition reports $16 billion in aggregated demand by 2030 for emerging climate technologies, along with the support of 13 governments that represent 50% of the global GDP, this consortium of companies across the world is proving that the journey to net zero by 2050 is not a tall ask. 

However, in its progress, the Coalition has come across complications that do not allow for a clear acceleration curve towards zero carbon emissions and 1.5 degrees. 

Takeshi Hashimoto, President and Chief Executive Officer, Mitsui O.S.K. Lines, provided a key truth in the collective efforts the Coalition makes by stating, “Trying to work with different industrial players and large customers to initiate dialogue between governments and other entities is a gigantic effort - we cannot do it alone. A strong team is needed to achieve these targets. While being a member of the FMC is important, we also want to accelerate our efforts.” 

On a positive note, Tan See Leng, Minister for Manpower and Second Minister for Trade and Industry, presented Singapore’s commitment to the journey through the country’s large strides in ammonia bunkering for shipping. The Minister also highlighted that governments can truly perform as catalysts to drive initiatives and must play the role of enablers, while focusing on private sector resource mobilisation and cooperation to make reaching these targets a reality. 

Daniel Fisher, Chief Executive Officer, Ball, added, “As a leader in the aluminium sector, we are blessed within the FMC to have the largest suppliers and customers. We envision getting to carbon neutral in a more pragmatic manner.” 

Ending the session with a voice of optimism, the panel agreed that the goal is not for everyone to join the FMC but to have enough members to affect everyone in the supply chain. 

DP World made a significant move this past year when it joined the First Movers Coalition during COP28 in Dubai. It reinforced its commitment towards zero-emissions and energy transition, while maintaining the efficiency of global trade as it tackles the climate impact of its operations. 

A panel from later in the day, which also included Kerry, discussing the road ahead from COP28 noted that the historic COP in Dubai presented a critical paradigm shift in this journey towards net zero by 2050, when 195 countries agreed to transition away from fossil fuels while keeping with the science.