GENEVA (AP) — A new project trumpeted by U.S. President Joe Biden in which companies underpin development of low-carbon technologies through their buying power amounts to a “big transformation,” U.S. climate envoy John Kerry said Thursday.
The “ First Movers Coalition ”, spearheaded by the U.S. government and the World Economic Forum, aims to help meet an increasingly difficult target laid out in the 2015 Paris climate accord to limit global warming to 1.5 degrees Celsius. So far, almost three dozen global companies in many sectors have committed to changing their purchasing practices to favor development of zero-emission technologies by 2030.
The idea is to jumpstart budding or not-yet-existent technologies that can reduce how much CO2 is spewed into the atmosphere by leveraging the market — specifically the purchasing power of the companies — to encourage their suppliers to clean up, so they can too. Biden spoke of the project as the U.N.-backed climate conference in Glasgow known as COP26 got under way.
“This is a big transformation. It’s a big deal,” Kerry told many corporate leaders behind the project in Glasgow on Thursday. “Everybody I’ve talked to when they learn about it, they say: ‘Wow, that makes sense. That’s great.’ And all of you understood that instinctively, and without an arm-twisting.”
Designers of the project say half of the emissions reduction projected between now and 2030 will stem from innovations — like capturing carbon out of the air — that aren’t operating at a large scale. Pushing suppliers of the large companies to cut CO2 will help create bigger markets and ultimately lower costs, the thinking goes.
”If we don’t get enough reduction somewhere in the 45% range over the next 10 years, we are blowing by 1.5 degrees — and that’s a hard target,” Kerry said, crediting the private sector for leading “in a way that even some governments are not.”
A first phase focuses on aviation, shipping, steel and trucking, and three more industries — aluminum, cement and chemicals — are to come on board later. The seven industries account for about one-third of total global carbon emissions, WEF says.
“Volvo says we’re going to buy X% — 10% of our vehicles are going to be made with green steel,” Kerry said. “And so, all of a sudden, people making green steel know, ‘Hey, there’s somebody out there waiting to buy this.’”
But even participant companies aren’t revolutionizing their plans just yet, committing to make the changes in at least one of their purchasing areas — so not necessarily company-wide.
Questions also remain about both the metrics and monitoring, which could amount to attempted “greenwashing” if firms try to quietly wriggle out of their commitments.
“We are going to have very strict metrics and strict follow-up on this,” said Borge Brende, president of the Geneva-based WEF, which is best known for organizing the annual conference of government and corporate leaders in Davos, Switzerland.
“Rest assured: we’re on it,” he said in a phone interview.
He said the initiative is no substitute for government regulation to help curb global warming, which will still be needed, and putting pressure on suppliers could lead the companies to face higher prices. The idea builds on commitments in the finance sector already, exemplified through carbon-reduction strategies at investment companies like Blackrock and Carlisle, Brende said.
The coalition hopes to broaden that effort in finance to many more sectors. U.S.-based companies including Amazon, Apple, Boeing and Delta airlines are taking part, as are European plane maker Airbus, Germany’s Deutsche Post, Swedish energy company Vattenfall and India’s Dalmia Cement.
“This means that they will be pretty tough — even the hard-to-abate sectors — in the years to come,” Brende said, referring to sectors in which cutting carbon is especially difficult. “And if you want to sell to these companies, you have to reduce your carbon footprint. And I’m pretty sure that that signal will be received — and it will lead to new technology breakthroughs.”
Follow AP’s coverage of the climate conference at http://apnews.com/hub/climate.
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“This is a big transformation. It’s a big deal,” Kerry told many corporate leaders behind the project in Glasgow on Thursday. “Everybody I’ve talked to when they learn about it, they say: ‘Wow, that makes sense. That’s great.’ And all of you understood that instinctively, and without an arm-twisting.”
“its a big f–n deal”—said Biden to Obama regarding Obamacare. You people think everything you do is such a big deal—more like a big waste of time—a big waste of money—and a big boondoggle that ends up in a big failure. Mother Nature will not be manipulated by mortal men—but you will have to find that out the hard way so it seems.
“If you pick up a starving dog and make him prosperous he will not bite you, this is the principle difference between a dog and man”,,,,,, and men like Kerry/Obama/Biden who acts like a yellow dog Democrat made rich by marrying rich women or using political influence in laundering Iranian and Russian oil money to shut down American energy which they themselves burn in private jets like there is no tomorrow while the people they were elected to serve pay the cost in higher fuel prices that make it unaffordable to even drive to work. Kerry/Biden/Obama need to clean up their own acts and their party’s house before they try to tell others how to clean theirs.
How do you conquer a great nation????,, deprive it of the energy that gives it inexpensive power,,,,power which always get expensive to THE PEOPLE when Socialist politicians disguised as patriotic Democrat Party Americans take over and skim the profits off the top like cream licked off the top of unpasteurized milk that belongs in the stomachs of the American underprivileged and gas tanks of American working poor. For them it’s political rags to riches, while THE Fleeced de-energized PEOPLE go from Riches back to rags.
John Kerry , just another Liberal Progressive Socialist that thinks the WORLD can’t get along without his superior knowledge, NOT ! !
I wonder, how many companies, he actually CALLED!
AMEN!! Total scam. I love my country and I always do my part to keep it clean. Trash, recycle,etc., Until Kerry can control China, India, and Russia with the pollution that they send into the atmosphere daily then don’t use our tax dollars to make yourselves rich.
He’s a rabid commucrat, THAT IS WHAT THEY ARE good at, Enriching themselves on OUR DIME.
If this new plan is such a great deal that really has the backing of “Corporations,” then let ALL the corporations in China and India go first. US corporations can join the plan after 5 years of Chinese success.
AND ONLY IF it’s successful, in china!
As this SOB uses more electric in his mansions then 200 families use while trying to conserve and save. There is a very very special place for him and his kind in eternity.
Which one?? IIRC he owns 3 of them.
IT would really help if Kerry would quit EATING Beans and Opening his Bass Mouth and Flying his Wifes Privet Jet to cut Down on Co2.
hey did you know john kerry served in vietnam?????
and threw his medals at the white house and was best friends with hanoi jane fonda?
this man is a traitor he has made millions off of selling america down the river.
AND STILL never faced any charges, EVEN FROM THE MILITARY.
How many Chinese companies are in that group? Indian? I doubt any even though they are ones producing the bulk of the CO2 spewed into the atmosphere. Our compliance should be dependent on their compliance because what we cut back would be miniscule compared to the same percentage if those contries abided by this agreement.