Global companies are combining their purchasing power to help commercialize low-carbon technologies as part of their efforts to meet net-zero commitments.
One of the biggest corporate spending plans announced at the United Nations climate conference, known as COP27, was the First Movers Coalition. Its 65 member companies promise to collectively purchase $12 billion of nascent low-carbon products and services by 2030 to help suppliers develop their offerings and scale up.
The money mobilized so far falls well short of what the private sector needs to put forward to help meet the Paris Agreement, but underscores how the business world is collaborating to address global warming.
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