First Movers Coalition (FMC) Leadership Meeting of the World Economic Forum (WEF)

First Movers Coalition (FMC) of WEF Relevance

First Movers Coalition (FMC) Leadership meeting of the World Economic Forum (WEF) was recently held.

First Movers Coalition (FMC) of WEF is also important for UPSC Prelims Exam 2023 and UPSC Mains Exam (GS Paper 2- International Organizations/International Relations).

First Movers Coalition (FMC) of WEF in News

• India participated in the First Movers Coalition (FMC) Leadership Meeting of the World Economic Forum which deliberated on the world need for clean energy technologies to confront climate crisis globally.

India at First Movers Coalition (FMC) 2023

• Industry leaders appreciated India’s fight against COVID leveraging digital technologies and also expressed their appreciation for Government partnering with industry in its fight.
• India also highlighted its role in democratizing the digital ecosystem at the CII-EY Session.
• At the Building Unicorns panel, Secretary underscored India’s push for the Startup 20 (S-20) agenda as the G20 President.
• At the Europe for Indian Business corridor, Secretary highlighted the need to enable mutually beneficial partnerships and facilitate investments for European partners in India.

First Movers Coalition (FMC) of WEF

• About: First Movers Coalition is a flagship public-private partnership launched by US and WEF to clean up the most carbon-intensive sectors.
• Participation: Besides India, Denmark, Italy, Japan, Norway, Singapore, Sweden and the United Kingdom have also joined the US as government partners to create early markets for clean technologies through policy measures and private sector engagements.
  • India, along with Japan and Sweden, has also joined the steering board of the coalition.
  • The coalition also saw 50 new corporate members with collective market cap of USD 8.5 trillion joining the force.
• Significance: Since it was launched at COP26, the First Movers Coalition has brought together global companies with supply chains across carbon-intensive sectors.
• Targeted Sectors: The First Movers Coalition targets sectors, including aluminium, aviation, chemicals, concrete, shipping, steel and trucking.
  • These sectors are responsible for 30 per cent of global emissions – a proportion expected to rise to over 50 per cent by mid-century without urgent progress on clean technology innovation.

Objectives of First Movers Coalition (FMC) of WEF

• The First Movers coalition’s members have committed to a percentage from suppliers using near-zero or zero-carbon solutions, despite the premium cost.
• If enough global companies commit a certain percentage of their future purchasing to clean technologies in this decade, this will create a market tipping point that will accelerate their affordability and drive long-term, net-zero transformation across industrial value chains.
• The First Movers coalition also announced two new target sectors: carbon dioxide removal and aluminium, which join the four existing sectoral pledges (aviation, shipping, steel and trucking) launched at COP26.
• Once the tipping point is reached in the market, the First Movers Coalition will demonstrate that a net- or near-zero transformation across the value chain is not only possible but that it will be no more expensive than the high-emitting alternative.

First Movers Coalition (FMC) FAQs

1. What is First Movers Coalition (FMC) of WEF?

Ans. First Movers Coalition is a flagship public-private partnership launched by US and WEF to clean up the most carbon-intensive sectors.

2. Which sectors are targeted by the First Movers Coalition (FMC)?

Ans. The First Movers Coalition targets sectors, including aluminium, aviation, chemicals, concrete, shipping, steel and trucking. These sectors are responsible for 30 per cent of global emissions – a proportion expected to rise to over 50 per cent by mid-century without urgent progress on clean technology innovation.

3. What is the theme of Davos Summit 2023?

Ans. The Davos Summit theme for this year is ‘Cooperation for Sustainable Growth and Shared Prosperity’.

World Economic Forum(WEF) Davos Meet 2023: Theme, Agenda And Significance

World Economic Forum(WEF) Davos Meet 2023: Theme, Agenda And Significance

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