At the World Economic Forum annual meeting in Davos, Hydro joined the First Movers Coalition’s “green” supplier database for the decarbonization of heavy-emitting sectors, and the First Suppliers Hub – a tool designed to help companies action their climate commitments – was launched.
In Hydro’s view, the First Movers Coalition (FMC) is a ‘key initiative’ in transforming material production processes. The coalition is led by the World Economic Forum and the US government and encourages companies to use their purchasing power to decarbonize heavy-emitting sectors, which are said to constitute 30% of global emissions.
Back in November 2023, Hydro announced its FMC partnership with Volvo Group at COP28 in Dubai; the collaboration intended to drive net zero transportation. Now, as a member of the global First Suppliers Hub, it hopes to help simplify organizations’ transitions from climate commitments into meaningful action, with suppliers providing ‘innovative and emerging’ technologies.
“To accelerate the green transition, the way we produce materials must change,” says Hilde Merete Aasheim, president of Hydro. “It matters where and how materials are produced, and that is why initiatives like the First Suppliers Hub are crucial to simplify the access to low-carbon technologies and materials needed to enable true decarbonization of society.”
At the same annual meeting, Hydro reportedly spoke to decision-makers from the public and private sectors about reducing emissions, increasing transparency in material footprints, and other ways that businesses could benefit local communities, nature, and the climate.
A similar commitment was announced at the end of 2022 when over 200 industry leaders backed the Mission Possible Partnership’s strategies to decarbonize the aviation, trucking, shipping, and steel industries within the decade.
Furthermore, Corporate Leaders Group Europe members like Coca-Cola, Unilever, and GSK have encouraged the European Union to lower its greenhouse gas emissions by at least 90% by 2040. It recommends ten principles to achieve this goal, including phasing out fossil fuels and taking an evidence-based approach to carbon removals.
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