 Excellencies, ladies and gentlemen, welcome to the first Movers Coalition meeting. Great to see you all. A summit of implementation, and we could not have a more topical meeting than the first Movers Coalition, because that's about walking the talk. Industries using their purchasing power to green the supply chain and accelerate technology and so many companies have no joint. Thank you, Secretary Kerry, thank you, President Biden. We launched it in Glasgow at COP26 and it's been an amazing development since Glasgow and thank you to all the companies that are here, because this is really changing the way we are mitigating CO2. It's my honor to introduce my great friend, the real leader, Secretary Kerry. We all know him from decades in politics, but what he has achieved during the two last years in the field of climate is very, very consequential. It shows that personal leadership and commitment matters. So John, it's great to see you here. Thank you so much and thank you for this unique collaboration also between the World Economic Forum and the State Department. Thank you very, very much for your partnership. Good morning, ladies and gentlemen. And thank you very, very much for joining us here today. We really appreciate it and we're excited about the scope of what is being announced today and worked on. About a year ago, almost exactly a year ago at COP26, President Biden launched the First Movers Coalition because we knew that in order to achieve a goal of keeping 1.5 degrees alive in order to be able to bring private sector to the table, we needed to accelerate almost every aspect of what we are doing. The truth is, I think all of you know this, that if we're going to keep 1.5 degrees alive, and that is our goal, we have an enormous challenge ahead of us to bring to scale new technologies and to harness the deeply capable capacity of private sector entrepreneurs in order to bring them to the table because without it, no government has enough money to accelerate, to support the process. We need everybody engaged in this. So the fact is that the idea behind the launch of the First Movers Coalition is pretty straightforward. We needed to create demand signals in the marketplace where they didn't exist, which takes boldness. It takes courage by these executives who have made the decisions to be part of this. And we modeled it somewhat on the experience of what happened with vaccines. The government said, you know, we'll pay for it, build it. And the same thing with SpaceX. If you build it, we're going to use it and we'll pay for it. And so people who were putting capital at risk knew that they could get a return on that capital or at least cover their expenses in the case of something like vaccines where human life was so at risk. Where human life is at risk now in the context of the challenge of the global climate crisis. We lose 10 million people a year to extreme heat. It's up from five. We lose 15 million people a year to the poor quality of air around the world, which is principally caused as a result of coal burning and the particulates that are in the atmosphere that travel around the planet, which also drop into the ocean when it rains and are responsible for much of the acidification and changing of the chemical makeup of the ocean itself. So everything compounds and everything reinforces the degree to which we are in ecosystem and systems obviously work because of those interconnections. We're not respected and we need to respect them. So the first Movers Coalition is in every way the boldest initiative that I can think of because companies are putting their capital on the line in order to send their signal. And sectors of the economy is just being difficult, almost impossible. How are we going to do concrete? How are we going to do cement? How are we going to do trucking or shipping or aviation? They're going to do it in many ways. The first Movers Coalition was the start of the energy transition in these companies have taken the initiative to step up and send their signal to the marketplace with a span of time by 2050 approximately. Technologies that are needed to decarbonize these sectors are not yet fully available. They are brought to scale. So how do you bring them to scale as rapidly as humanly possible? One year after its launch, I think it's fair to say that we have even surprised ourselves with the extent to which there's a success in the making here. First, we have grown our membership. We started with 25 members in Glasgow a year ago. And in terms of the promise of implementation, which is at the heart of this COP, and then dot, dot, dot what we did, because what we did doesn't get us to 1.5. So we have an obligation to go further, and that is critical. So when we launched, we were able to promise a certain amount. My friends, today we have 65 members. And those 65 members include now new, 10 new world-leading companies that have joined from General Motors to Pepsi. Others, we will cite. So many of these companies are even making multiple commitments across disciplines. Taken together, the purchasing commitment of the companies that are already here is the strongest market signal in history for innovative, clean technologies in hard-to-abate sectors. So whether it's for Volvo or Pepsi, all of them have committed 10 percent of the aluminum that they purchase in 2030 will be near-zero emissions aluminum. The second thing, in addition, Airbus and Boeing, United, Delta, DHL, FedEx, have all committed that 5 percent of the jet fuel that they use in their operations in 2030 is going to be met with clean fuels that reduce greenhouse gases by 85 percent, a standard that is far cleaner than anything in today's sustainable aviation fuels. Secondly, at Davos, we expanded the first movers coalition from shipping, steel, trucking, and aviation to include aluminum and carbon dioxide removal. Today, I'm excited to share with you that we are launching our concrete and cement sector. The cement and concrete industry is a top source of carbon emissions. Cement, as you know, is integral to our daily lives. It is the second-most-used product in the world, second to water. And by making certain that we're starting here today, we're going to have about 7 percent of global emissions begin to reduce, and those emissions actually are expected to go higher, to about 9 percent by 2050. So we have to reduce. This sector actually represents the most serious decarbonization challenge. And I'm thrilled to announce that in the first movers who have made game-changing commitments to purchase at least 10 percent near-zero carbon, cement, and concrete by 2030, they are General Motors, RMZ Corporation, Vattenfall, ETEX, and Orsted. And we're really happy to welcome them to this challenge and fold. So the FMC now counts nine governments that have also joined, because government policy is critical. And the governments, whether it's their fleet purchases or other choices that they make in terms of policy, the regulation, have a huge ability to be able to contribute in terms of first mover activity. So we welcome them, and we are anxious to try. So let me add to this a quick thing and then get out of your way so you can hear from the panel. President Biden's initiative, the Inflation Reduction Act, is going to have a profound impact on what the first movers are doing. In many ways, they're really just joined at the hip. And one activity is going to, one of the commitments is going to be hugely enabled by the other commitment, and they work in synergy. So the IRA will, as a result of its initiatives, it will be as cheap to build as it is today to build the dirty ones. And it's going to be to capture carbon emissions from industrial facilities and bury them underground and produce useful products like jet fuel. That will happen now because of the amount of money that will go into tax credit, production tax credit, investment tax credit, the incentives that exist within the IRA. In addition, we are seeing a whole-of-government response to the first movers coalition in the United States. And that is, you know, that is going to even kickstart further the initiatives that are being begun individually by these companies. We are also seeing a response to the first movers coalition in the U.S. by different entities. For instance, the U.S. International Development Finance Corporation has just announced that they're going to host a series of first movers coalition seminars to support what we're doing with priority supply projects in developing markets. And taken together, these actions represent an incredible sort of tailwind for this entire initiative. The fourth and final accomplishment that I want to highlight this morning is the progress that the first movers have already made. Just a few examples of the way in which the first movers are having an impact. Delta has already signed over half of the off-take agreements that are needed to achieve their aviation agreements. Skanya has begun producing trucks with fossil-free steel that meets the rigorous standard of the FMC. And today we're going to hear from Volvo about what they're doing and have begun to introduce fossil-free fuel into their production of heavy-duty electric trucks, which will deliver to fellow FMC member Amazon. And I think you have to take note, frankly, folks, of the size of the companies and the capacity of the companies that are doing this. These are smart CEOs. None of them are into, you know, destroying their company or wasting their market share. They are smart, but they're also smart enough to understand that this challenge is real and that major corporations have a responsibility to exercise corporate citizenship responsibility. So that's what's happening here. And I am really heartened to recognize the work of the corporate leaders who are visionary leaders and moving us in a new direction. I want to thank Burga Brenda, my great friend, and the World Economic Forum for partnering with us on this and helping to be essential to make it happen. And to each of the CEOs who are here who have exhibited such extraordinary leadership, thank you. We cannot get where we need to go. We just can't do it without. I don't want anybody to cut that sentence off and replay it, so Kerry says we can't get there. We can't do it without the private sector in a remarkably strong and affirmative way of getting there. 20 countries, as I've said to you many times, equal 80 percent of all the emissions, 80 percent. And we know that 65 percent, approximately, of those are on board with real plans that can keep the Earth's temperature to 1.5 degrees. We know from the IEA that they said that if every promise made in Glasgow is in fact implemented, by 2050 we'd be at 1.8 degrees of warming way down from the 2.5 to 3.5, which was predicted before Glasgow, and regrettably is the actual path we are on today, because we're not doing enough fast enough. And obviously, because of the war in Ukraine and the impact of the cutoff of fuel and the inflation, we're seeing disruption in the marketplace that is not insignificant. So here today are the real pioneers of this great endeavor. We will get to a no-carbon, low-carbon economy. Why do I say that? Because these kinds of companies, with major impact on shareholders and stockholders around the world, with major impact on Wall Street and the whole investment chain, they're setting an example that other people will have a hard time ignoring. And we will get there because the marketplace itself is making these decisions. Do you think that if Ford and General Motors and Volvo and others have spent billions of dollars retooling their plants to produce electric today, that suddenly tomorrow they're going to change and go backwards? No. No politician, no election can change the full direction of this because it is increasingly in the hands of the private sector. So have confidence, listen to what they're doing today and I hope leave here with a great sense of our ability to be able to get this done. Thank you all very, very much. Thank you. Thank you so much, Secretary Kerry. I think we all felt that we're part of something very important and historic when you heard the secretary speak because this is really so aligned with the topic for the whole COP 27. It's about implementation and the fact that we moved from 30 companies to 65 companies in a year and just imagine the power when a big purchase to say is that I will only buy aluminum if 20% is green or I only buy cement if it's so and so. That's really using that purchasing power to move things in the right direction. But behind any good initiative like this, there are real brains and doers and we will have two of them now explaining to us really how we made that happen. We have Varun Sivaram, Manager of Energy and Innovation at the State Department. Varun, you've done an amazing job, very thankful and my own very good colleague, Antonia Gabel. She is head of all the climate work at the World Economic Forum and they literally worked 24-7 in the run-up to the COP and since then they just increased their workload to make this happen. So Antonia first and then Varun. Antonia, I suggest not behind this lecture. A pleasure to be here and a big thank you of course to Borga and Secretary Kerry for their leadership on this initiative but as was noted there is an incredible team behind the work that has happened to make the progress since COP 26 happened but also to bring you all here today. So we just wanted to put a point on some of the specific activities that are happening not just to launch and announce new parts of this initiative but I think importantly to drive the implementation of the outcomes that we're really trying to seek. So as was mentioned last year at COP 26 was a really incredible moment for us. We launched the First Movers Coalition focusing first on four key sectors in collaboration with our good colleagues at the U.S. State Department but also an impressive number of companies who focus first and foremost on four key sectors and what we've done since then is really drive A, the growth of that demand commitment so this is a demand-pull initiative. We will be successful if these commitments from the companies start really pulling this technology innovation and therefore we need a size we need to bring more companies with large purchasing power in order to make this effective. The second is actually, right, so yes the companies are making these commitments but it doesn't stop there. We have collaborations across the value chains of these companies to do the hard work actually at the end of the day to figure out how we actually start to scale these technology solutions. That's everything from looking at advanced purchasing commitments working along their value chains to kind of do partnerships and deals in order to start making these supply technologies available through to thinking about the infrastructure that's necessary as well as the finance. So these are key building blocks of the partnership that we're driving. You heard briefly about the government partnerships. We'll share more details there. We need policy collaboration. These technologies will only scale if we have the right conditions. We can be the first demand pull but scale will follow when the policies come into place which is why I think the IRA will be the first demand pull in that regard. And of course finally, how are individual companies actually driving their own actions? We'll hear about that in the panel. So as was mentioned, aviation, steel, shipping, trucking launched at the last COP in May during the annual meeting and development. Here today we are very excited to make a concrete commitment and of course we still have one that we're seeking to build chemicals which we will move forward into 2023. So this just gives you that snapshot and I will now hand over to Varun to share a little bit more. Thank you, Antonia. Today is the one-year anniversary of the First Movers Coalition so it's a time for us to take stock. Thank you. My hands are a sing-e-g. And so today we can announce we have actually 66 member commitments, one joined overnight. We have 66 members. You can see the members right there. That doesn't even do justice to the commitments we have because some companies have made more than one commitment. We have nearly 100 total commitments across different sectors. The companies in yellow you see are the ones that have joined us over this last year. Each of these companies represents one of the largest officers in the world. Collectively they are $8 trillion in market value and every single one has made a precise, verifiable and time-bound commitment that any company can do. And as Secretary Kerry said, we have the nine government partners alongside. I'll close by saying today we're delighted to launch the cement and concrete sector. Let me be clear, this is the most ambitious cement and concrete pledge that has ever been made. The companies you see up here, plus Orsted, which just committed to us just overnight, these companies have gone ahead with the 10% of their procurement in 2030 and the technical standard on the left-hand side of the slide is lower than any standard for near-zero carbon cement in the world. On the right-hand side you see why this is newly possible in the United States. Thanks to the Inflation Reduction Act it will cost nearly nothing to achieve these near-zero carbon thresholds using emerging technologies such as carbon capture, utilization and sequestration. I'm going to start by saying from President Biden's Senior Advisor John Podesta about the Inflation Reduction Act today. Before I hand back to Borge, I just want to say thank you to the whole team that made this possible the World Economic Forum in Antonia as well as on Secretary Kerry's team Ambassador David Thorn, David Livingston and Annie Hills. And thank you, Borge, you have made this possible through your leadership. We really appreciate the World Economic Forum as a partner. Thank you. And, Varun, thank you for your leadership. No, we're moving into the next segment. We'll have a panel joining me up here. It's a great panel. Firstly, we'll have Shilpan Amin, Senior Vice President and President General Motors International. We'll have Mavalta Duarte, CEO Climate Investment Fund. We'll have John Podesta and Varun just mentioned U.S. Senior Advisor to President Joe Biden for Clean Energy Innovation. We know also Podesta from many other senior leadership positions in the U.S. Administration and we'll have Matt Nipper at Earthdead. So please, the four of you join me up here and give them an applause on their way up. Just make sure that Mr. Podesta gets the mic. Great. So, amazing panel. We start with General Motors and also the great commitments on I think it's on Cement and also for joining the group. So, warm welcome and I turn to you first to make some comments and some announcements. Thank you. We're very excited and proud to join the First Movers Coalition under the Cement commitment and 10% of our Cement purchases will be near carbon neutral by 2030 and it's an important time for us as we think about this transition in the automotive industry we've made commitments now on a billion dollars on EV infrastructure to build the capabilities for your driving experience. We've recently announced an additional $7 billion in capacity for battery electric vehicles and battery cell capacity in the state of Michigan. All of this is part of our bigger picture of $35 billion by 2025 as we transition into an all EV and AV future and where we're at right now is it's the time to rebuild our infrastructure. We're rebuilding our plants into our EV capacity as high demand for Cement. In fact, our latest facility our brand new facility in Spring Hill Tennessee building the catalytic lyric that you'll see on display throughout COP 27 we used carbon capture technology to put into our Cement and on that path around developing technologies and innovations to meet this goal. It really stems from partnerships and what we realized is we can't do this alone which is why we're very excited about the First Movers Coalition on building technologies and innovations through commitments between industries and startup companies to find these solutions around a more carbon neutral future. We have a vision of zero congestion, zero crashes and zero emissions towards an all electric future. In fact, we've committed that all of our operations and products by 2040 will be carbon neutral and in the US our entire light duty vehicle portfolio will be carbon neutral by 2035 so the EV future is now it's happening and what we actually are finding is these innovations come to the table it's accelerating beyond anyone's imagination so we're very happy and proud to join. I think you deserve an applause for that. Thank you Shilpan, thank you to General Motors for your visionary leadership. We also know that Mafalda Duarte Climate Investment Fund, you also have been very supportive of the First Movers Coalition and I think you're also have some announcements and we want to support this important initiative. Thank you very much Bjork and thank you for having us. Our mandate is to invest in developing countries we've been doing that for 15 years we have been pioneering investments in the energy transition also in resilience and sustainable forest management we have investments now in 72 countries developing countries more than 100 investments in our portfolio we have made industrial decarbonization one of the strategic areas of focus going forward and I just want to spend a couple of minutes saying why industrial decarbonization in developing countries Secretary Kerry mentioned some of the key data points but it is important to understand that hard to obey industries is a great component of developing country economies in fact if we look at the latest data the value added of industry as a percentage of GDP has dropped in OECD countries but it has risen in developing countries also it's important to note that industrial emissions are concentrated in developing countries and that they are set to rise really good that you are launching cement and concrete today as well as heavy duty transport they actually account for the largest source of today's emissions nearly a quarter of today's energy-related CO2 emissions in emerging markets in developing economies it's one third of Turkey's emissions 30% of Vietnam's 38% of Pakistan's and the fact is that still demand is projected to rise by 30% cement and ammonia by 40% and aluminum by 80% in the coming three decades this will be concentrated in developing countries for a variety of reasons that we are all very familiar with these countries are also more exposed to transition risks why because they have a relatively higher share of their in sectors that are more exposed to transition and finally it is really important that developing countries are able to seize this emerging economic opportunity we are seeing already with interest some projects coming up in India, in Algeria in Egypt I believe Minister Rania is here later today we will be announcing a large investment in green hydrogen here in Egypt but there are others we will see many opportunities in India and South Africa so we will be announcing this Friday I believe Friday decarbonization the breakthrough agenda event how we will be supporting much like we have done in the past with our risk patient concessional capital this agenda in developing countries thank you so much we are looking forward to Friday but at least we got a small curtain racer we know something very good is coming and John Podesta we know that the inflation reduction act could also play a role in supporting the first movers coalition potentially also like to use this opportunity to thank your president President Biden he was there at the launch at COP26 and it was quite historic day so over to you thank you so much and thank you for your leadership and Antonio's leadership and I want to call out again Secretary Kerry and Varun and their team for powering this coalition forward I want to say one thing at the outset which is this crowd is a little subdued today so I want to remind you that in 2018 the IPCC 1.5 report said in order to solve the climate crisis we need a transformation of the global economy on a size and scale that's never occurred in human history a transformation of the global economy on a size and scale that's never occurred in human history that is exciting and you should be excited here that you're the point of that spear transforming the global economy across the range of manufacturing power transportation buildings to produce the result that we're going to give and as thank you let's get a little more excited I think one of the things that's amazing about the inflation reduction act and president Biden's commitment to it is that it creates the backdrop and the background for those investments across all those sectors whether you're talking about clean power carbon capture green hydrogen clean manufacturing there's support in the U.S. tax code now for innovation for that cycle that has been described to move us to a cleaner and better future I think though it also and I want to mention this there are some other features that are really critical there's strong support in the IRA together with the chips and science act which also passed on a bipartisan basis and the bipartisan infrastructure bill to really support the scientific platform of the United States the engine of innovation I was with secretary our energy secretary secretary grand home just last Friday to announce a 1.5 billion dollar investment to improve the performance of the labs including an exciting project out there in exo scale computing that's at the leading edge the fastest will be in February the fastest computer in the world running climate models that get down to the neighborhood level that help people plan for resilience for adaptation as well as materials labs that are producing the new battery chemistries that are going to be necessary so we go from rare earth abundant chemistries to power our transportation sector and I think that one of the things that we need to work in partnership on is the investments that are coming from these advance commitments together with government procurement and sustainability at that sector but to do it in a way that also takes advantage of the tremendous scientific enterprise we have across the world that's not just in the US and I'll close with this it also will require one more revolution not just a revolution in technology a revolution in policy but a revolution in finance to ensure that these new technologies are driven down in cost but they're also they're deployed against a world that needs clean energy, clean processes, clean materials so we need your work and the support and I'm glad one of the things that the First Movers Coalition is now focused on is how are we going to finance these projects not just in the most advanced developed economies but across the globe so thank you thank you thank you also for re-injecting energy into the discussion I think people are almost speechless when they hear what we have achieved in a year that might be we were a little bit subdued or we have all been waiting two hours this morning for our transportation but at least we are here we managed to be here and the last revolution on financing is critical and especially when countries now are indebted, they've used a lot of money we have to rely on the private sector and as Secretary Kerry said yesterday at one of the roundtables I participated unleashing financing also from the private sector because there are trillions out there that could be invested in the new renewable future is critical and let me then move to Matt Sniper CEO of Ersted also has joined as a country there's your company has joined so this is in many way public private cooperation in practice isn't it? thank you very much yes and I have the privilege of almost always having to explain who is Orsted and we are essentially 10 years ago one of Europe's most fossil fuel intensive utilities and we were about a quarter of the countries total emissions now 10 years later we're the world leader with a safe margin on offshore wind and by far the biggest developer in offshore wind so radical transformation can happen but we are not done with that and I think what we what we want to do by joining we were founding member of the first movers coalition for steel because even though obviously offshore wind is a major enabler of decarbonisation across the world, across industries we are building power it is also fifth we still emit I mean there's a lot of steel there's a lot of concrete there's a lot of material so we need to ensure that the way we build the way we build renewable energy both from an emissions point of view but on a side nor also from a biodiversity point of view really gets transformed and we believe in being a catalyst for greater change so by doing that and proving it's possible that we can show that to the rest of the world that it is indeed so that's also why as was said from stage we joined, I'll tell you a story from the real life we joined the cement and concrete initiative last night because on Friday I was told we will join but not yet and trust me I have both very responsible and very very capable procurement people I was saying and then I asked the question which I think is one of the most important questions that any CEO can ask why not now because speed is of the essence here I was saying but we don't know how yet I was saying that's a very point of it friends that's a very point because if this was painfully obvious then everybody would do it and then it would just be called a coalition and a movers coalition we are first movers coalition so in essence out of all the right intentions our team essentially said we don't know how so we should wait we were saying exactly because we don't know how we should move now so now we are proud members of the the steel and cement and concrete but it's also about ensuring progress so since we joined steel the steel coalition last year we have made a partnership with major steel suppliers Salskitter because they need lots of green power they need renewable hydrogen to recognize we can supply that we need the green steel for our wind turbines and foundations that they can do so I believe you mentioned it we need these ecosystems of partners who not only make commitments on procurement but work together to create entirely new business models and that's what we firmly believe is possible and absolutely necessary thank you the economy drives down the prices if we are going to set up those wind farms 10 years ago it would cost us 7 times what it costs today that's the power of it and we know on solar is one tenth of what we paid 10 years ago so that's the beauty of putting the market economy into work here with some notches from the government and internalizing the externalities big thank you to this panel thank you so much we have a new one but the next one but while they are getting off the stage we'll see a short film and then we'll have another great panel and we are running on Swiss time just check so many people have been speaking about the climate crisis so many things have been put on paper but the real question is why is it that we're still not acting at the scale and speed that is necessary what we want to see at COP 27 is moving pledges into implementation every stakeholder needs to step up and push forward the extreme weather events that the scientists have long connected to the climate crisis are becoming far more frequent and far more destructive the climate crisis is a threat multiplier which means it exacerbates existing inequities in our society the impacts are felt most deeply by black indigenous and communities of color we're living through an explosion of inequality we need to remember we are on the same planet and this is the planet that we need to make sustainable for the whole of humanity climate change is impacting food security as well as political stability in many nations around the world five years ago there were 80 million people marching towards starvation that number jumped to 135 million what caused the jump it was a man-made conflict like in Ukraine compounded with climate shocks vulnerable to climate change as farmers are if you talk transformation the first thing they want to know is what must I do on my farm this is the moment to set up monitoring and accountability mechanisms and put money on the table to help developing countries to accelerate towards decarbonizing we know that this transition we require a fast adoption of a lot of new technologies and the question today what is the appropriate way to finance this technology to put a number around it it's an extra two and a half to three trillion dollars a year of additional finance that we have to find in order to get those emissions down financial institutions have a lot of roles to play to bring the advice and provide the financing to make these transitions happen younger generations are demanding a sense of purpose they want to look at companies and say I am investing with you all for this reason with two cops taking place in Africa and the Middle East we have this tremendous opportunity to put emerging markets at the forefront of our collective response to climate change international trade has to be part of the solution how do we all get together to talk about a global carbon price that can guide us and help us to decarbonize the world the solutions are there what we need is governments to regulate and invest and we need business to act with values history will look at us people, politicians corporate leaders these times require not only solutions but speed there is nowhere else to look than the mirror we are the ones that need to do this welcome back I give the panel a big applause so we warm up a bit let's warm up the atmosphere you got it okay, so we have a great panel we have Brad Smith from Microsoft president of Microsoft a real leader in this field Sumant Sina chairman and managing director of Renew really making things happened on the ground in India we have Andrea Fudor executive vice president and chief purchasing officer he is one of the most important in this involved group and we have Fernando Al Gonzalez CEO of one of the leading cement producers of the world so really looking forward to this conversation let's start with you, Brad Microsoft and you personally has been such a leader in this field of fighting climate change I think also Bill started on this and wrote about it a long time before others were really taking it serious so how do you see the role of the first movers coalition how do you see the role of Microsoft in this context well, first of all thank you and it's great to be here with all of you and let me just share for a few minutes what we're doing and I think perhaps most importantly what we're learning about the role of the first movers coalition and I'll talk specifically about the commitment for at Davos namely the carbon dioxide removal commitment we committed $200 million to purchase high durability carbon removal and we're now implementing that people sometimes look at this cop and say oh it's only about implementation I think implementation is a fancy word for getting real work done I also think that's what businesses do every day when you're getting real work done or you don't survive so we're getting real work done in the area of carbon removal we've entered into three agreements one the first that sort of is at scale with a company called Climeworks purchasing over a 10 year agreement 10,000 tons of long duration carbon removal and we're using this to really create the model for purchasing at scale high duration high durability carbon removal from others we've entered into an initial agreement with a second company called Air Loom and a third company called OCO Technology it's not hard to spend $200 million on very expensive carbon removal what's hard is to do it in a way that actually creates the building blocks I think we're all going to need for the future we approached this from two perspectives we're a purchaser and we're an investor through our billion dollar climate innovation fund and so we're trying to in effect help build this market and when I look at what we need to do I would say there's three really hard problems that we and I think everyone is working to address the first is we need to move the technology forward we're very focused on direct air capture and there's a lot of technology innovation in the future for direct air capture and there's a variety of different technology approaches that are being taken which is great the second thing we need to do is bring the cost down if we do our job well no one will ever again have to spend as much as Microsoft has this year on a per ton basis for this kind of carbon removal in fact I would say by 2050 our goal collectively needs to bring the cost down by more than 90% on a per ton basis and the good thing about working in the tech market is we do that in many areas so we can see a path and the third thing we really have to think about the hardest part is how to think about the demand to pay for carbon removal because think about this this is probably the biggest free rider economic syndrome in the history of economics because if I pay to remove a ton of carbon dioxide and deposit it deep underground everyone on the planet will benefit so why should I pay maybe I should just wait for you to do this instead and I think we need to build an economic model and ultimately a market that will consist of responsible companies there'll be regulation I think for companies that continue to emit carbon and then we'll have public procurement as well but this is why this matters I think if we can envision a future where there is our 5 gigatons of carbon removal in 2050 that will be indispensable for reaching I think beyond 2060 the world could remove 10 gigatons 2070 the world could remove 20 gigatons this is not only a path to reduce the impact of climate change it is a path actually to give humanity the ability to reverse it think not just about the path from COP 27 to 28 but the path from COP 27 to COP 75 I don't expect to be here I don't think many of us will be but if we solve these hard problems I think we will create a legacy that will make us some of the most important first movers in any movement in the history of humanity and the biggest gift we can give to humanity's future so I'm excited implementation is not just a fancy word for getting real things done it's a big word that I think can raise our ambitions collectively so thank you wow thank you for that Brad it shows that we are at crossroads and it is really up to us to make decisions that has so much impact for the future Sumant you are having the largest investor in renewables in India but we also had the government of India joining the first movers coalition that's pretty cool and I know you are also taking on commitments for your company like Ersted did I think also on the steel side yeah thank you thank you Borge pleasure to be here yeah look we were one of the founding members of the FMC when it was set up last year because the logic behind it was absolutely sensible which is that we need to create demand and once demand is created then automatically markets will work to essentially drive down costs and then will of course continue to scale things up we signed up to the steel commitment because obviously for us we are a big steel consumer by 2030 we will probably be consuming about a million tons of steel every year and a 10% of that would probably be approximately about 100 million dollars of purchases every year going forward so it's a meaningful amount it's not the hugest amount but from our standpoint the idea was and for us also keep in mind there is a vested interest because how are people going to decarbonize steel they'll do it by buying clean energy from people like us so obviously the effort automatically also creates demand for the right kinds of products whether it's clean energy or green hydrogen and so on so I think from that standpoint it made eminent sense for us to do this and by the way I should have also added that we're a company that is about 11 years old now but we've now got to a point where we essentially help India reduce about half a percent of its total carbon emissions so we are beginning to have an impact and I think as our industry grows and continues to go forward obviously the emissions reductions contribution will continue to increase but as we start looking at driving this into the other parts of the economy through things like green steel and green cement I think that whole emissions reductions effort will actually then cascade and become much faster and so really in a sense that's what we are trying to do I'm glad that the Indian government has chosen to become a member also of the First Movers Coalition because government support is essential we also need mandates to drive down implementation into the various sectors and into corporates for example for green hydrogen if there is essentially a mandate that comes in not just in India but in other countries as well I think that will then immediately kickstart the green hydrogen market which eventually then is required for a number of sectors to go green and to become decarbonized so for example it's obviously critical for green hydrogen to be available to decarbonize steel and make sure that steel you know green steel becomes a more viable possibility so I think there are lots of interconnected issues here that we are trying to address by essentially becoming a member of FMC and trying to set an example for other companies to come in as well the other thing is that we are already selling clean energy now to a number of companies including for example Microsoft and some of the other US tech companies as well and it's really good to see that corporates are now really moving much faster on the decarbonization journey and I think efforts like the FMC really allow everybody to move forward much faster and start looking at each other for support and collaboration and for example what Orsted is doing and the things that Matt said absolutely resonated with me as well the idea of actually doing it because it's difficult you have to set the example if it was easy everybody would have been able to do it so I think that should be the power of the FMC thank you thank you Sumang do it because it is difficult I love that expression and thank you for already being there for the first mover among the first movers Welvo we know is Andrea is also very committed to the first movers movement and you are changing the way you procure in your company to factor in climate in all your procurement so over to you like you said very proud founding member very proud founding member and being the chief purchasing officer I can tell you this whole coalition makes me proud gives me purpose and I fully believe that the combined purchasing power using the whole supply network can really make a difference last last year last year we signed steel and trucking and then in Glasgow and in Davos we also added aluminium and we have made good progress in the last 12 months so in trucking we have actually started the first worldwide series production of heavy duty battery electric trucks so now we produce for our customers and the first customer was Amazon which is very, very said we can really offer electric trucks up to 44 tons which is enormous and of course also what we are doing in the area of trucking that our own logistic inbound outbound we replace diesel trucks with electric trucks in the area of steel where we have the partnership with the Swedish company SSRB the first articulated hauler made by Fossil Free Steel and also in attendance with Secretary Kerry to the first customer who is using now this hauler in a normal daily production and we have also introduced Fossil Free Steel into our electric trucks in the area of aluminium we are really looking now for partner to have access to responsible and decarbonised aluminium and here we have set up a partnership with Rio Tinto where we also look into zero carbon melding technologies so a lot of things going on what I also have established in my purchasing team which is a global purchasing team around the globe I have now a special team with experts for Fossil Free Material they really connect to the right partners they look for innovations and for potential partnerships so they are experts for steel, for aluminium but also for polymers for electronic components etc we have also established for all our buyer a system an IT system where each and every buyer can really look, this is the footprint the carbon footprint of my part of my supply partner and as a second team I have a special team only looking to remanufacturing repurpose activities which by the way also helping of course to decarbonise when you remanufacture so a lot of things going on but I'm actually very proud that I also can announce today to new partnerships the first is with another famous Danish wind turbine company Vestas where we are exploring wind energy solutions and very concrete we are also looking into producing green hydrogen with localised wind turbines to fuel commercial vehicles the second important partnership I can announce today is with the Swedish airline Brartens regional airlines or you better know them as bra I assume and we have set up with them the first commercial route using 50% sustainable aviation fuel and why not 100% because at the moment you are only allowed to go up to 50% in commercial aviation we use this route to bring our people together and of course I hear already many in the room the best thing is not to fly not to produce carbon right but the point is we in Volvo Group we use as much as possible virtual meetings but we have two huge innovation hubs in Europe in France and in Sweden and this is my conviction can only be really innovative when they work together face to face and therefore we have invested in a route France, Sweden, with bra since September this year using 50% sustainable aviation fuel more to come you can count on us thank you thank you so much and thank you Andrea for the two additional comments so if there is anyone here of COs that don't have a fossil fuel free department in your purchasing department you better move fast let's then move to the last panelist it's Fernando Gonzalez CO of SamEx thank you for your leadership it means so much I know that you are also taking part in this working commitment thank you for joining us indeed thanks for having me and having SamEx and also very proud to be a founding member of the first movers coalition so last year we made this specific commitment we saw it as an integral element of the future in action precisely because of implementation it's the future but it's already in action and we are moving already we started moving since we made the commitment so we are switching immediately to whatever fuels and technologies are available for transportation so basically it's moving from diesel to natural gas then you reduce your carbon because last year there were no heavy-duty trucks available but we started making trials with Volvo so we are new heavy-duty equipment for these ready-mixed trucks that you can see in the streets so we have done several trials in different countries and they do work very well I understand Volvo is making a few adjustments and because of the results of the trials and I think the first commercial trucks will be available at the end of the year that's what I understand already some delivered but that's a huge change in our case because of heavy-duty options on zero-carbon options so again we are moving very fast into what is available today but we are also moving into another type of solutions that very soon will allow us to comply with the reduction of about a third of CO2 in our transportation system just counting ready-mixed trucks we have like about 13,000 plus other heavy-duties in plants and distribution centers so it might be twice that amount so I'm very pleased to see how that can be done and for sure and let me refer to the first move this is what the first move is provoking it's allowing companies to boldly act and react to unknown issues or at least things that we have not done in the past so we can try and we can see that it's feasible I think I've heard a couple of very positive comments this morning and I want to add another one our products are essential society will continue needing them it is just that we need to change the way we produce them steel, cement, electricity everything will continue being needed but we just need to eliminate carbon production and you know what it is feasible and the one that you cannot eliminate you have to convert it into a positive and useful carbon that also can be done and on top of that the transition it happens to be by new creative you know this idea of companies destroying value because of the transition to a CO2 free world to me it's not true anymore maybe it was the case a few years ago but nowadays with information we have essential, feasible and profitable thank you thank you so much very thoughtful comments and for your leadership we will need cement in the future too but if we can produce it at net zero in the future it would be great I'm told that secretary Kerry is still with us I think he feels that this is John I think you feel it's so close to your heart that you didn't want to leave could we ask you for some reflections based on this are you energized after the panel do you feel that we are delivering on what we set out in Glasgow you can use that those mics over there I didn't leave because they chained me to a chair over there and I wasn't able to leave you have a mic there get out from behind the podium there you're stealing my thunder by asking me if I'm excited because I was going to get up here and say I'm really excited this is amazing stuff I'm not kidding you the entrepreneurial activity is underrated in many places and what we have been able to do as human beings through the course of history is unbelievable and I have total confidence there's so much now beginning to happen in technology and people are beginning whether it's green hydrogen or blue or battery storage or fusion and there's more money now going into venture capital to accelerate this transition but nothing is going to have more impact folks than a bunch of companies that have to pay a payroll you know keep their workers moving in the right direction be responsible to shareholders account publicly for what they're doing when you have so many companies around the world that are now in every boardroom coping with ESG and there are new responsibilities of the law that requires people to do net 50 zero none but more and more companies are recognizing this is a public responsibility and they have the ability to be able to make the difference in where we're going here these first mover pioneers are unbelievable pathfinders here because they're proving to the rest of the marketplace where people are hesitant to invest for various reasons hey, they're still standing it works for them they're able to meet their payroll, they're able to grow their business they're able to expand the market and their market share that's what's going to happen here and they're first in the market and there's a hell of an advantage usually to being able to get market share early on and be this kind of a pioneer and there's more and more people around the world are conscious of the complicated choices that we face in order to achieve keeping 1.5 degree limit we all are responding have the brand that are doing the right thing and they will appreciate it and by the way this is not these folks have the ability to be able to make money and they understand that and the market is going to demand this so they're creating the demand signal to start with and I hope more and more companies will see the virtue of being part of this movement the first movers coalition has the ability to be able to help transform this just be very quick you know in my travels around the world as I meet with leaders in various countries and they say to me, you know the secretary, we'd love to be able to not have to build out our gas I'm speaking particularly about I just came back from Africa a few weeks ago and there are countries there complaining, building out gas structure and the reason is they don't have any other form of being able to choose with their own asset how to provide their power, they think they don't they do, they have sun in many places they have wind in many places Germany is now moving to 80% of its power sector is going to be renewable because they don't want to be dependent on fossil fuel coming from some other place so when you combine that with the imperative to be clean whatever you do today by 2030 you're going to still have to reduce emissions so if you went to gas today you might be making your life very very difficult to virtue and I think everybody here would have joined me first of all thank you to Borga Brenda the World Economic Forum our team and Varun Sivaram who you saw and David Livingston all have done a great job in working with the team at the World Economic Forum and I want to thank every single one of them for the hard work they put into this thank you each and every one of you for being leaders thank you all for being here and being interested thank you so much John and we're ending the meeting very in a very powerful way and on time have a good day