President Joe Biden on Tuesday unveiled a “First Movers Coalition” that involves pledges around clean energy from big companies, as he spoke in the U.K. at the COP26 climate-change summit.
The FMC is expected to have more than 25 founding members, including Apple AAPL, +0.71%, other key technology players and other large companies from a range of industries, according to senior Biden administration officials. Together the members have hundreds of billions of dollars in purchasing power, and they will make “demand commitments” related to clean energy ICLN, -1.90% and innovation, the officials said.
“The buyers’ clubs assembled by the FMC will create early market demand for innovations across eight ‘need-to-abate’ sectors — steel, trucking, shipping, aviation, aluminum, concrete, chemicals, and direct air capture — which represent more than one-third of the world’s carbon emissions today, a proportion set to grow in the coming decades,” the statement also said.