India joins First Movers Coalition

India recently joined a global public-private partnership initiative called the First Movers Coalition.

Who launched the coalition and what are its aims?

The initiative was launched by President of the USA Joe Biden and the World Economic Forum (WEF) at COP26. It was joined by 50 new corporate members with a collective market capitalization of USD 8.5 trillion

The First Movers Coalition aims to decarbonize the most carbon-intensive sectors such as the heavy industry and long-distance transport sectors, which are responsible for 30% of global emissions. It is expected that emissions from these sectors will increase to around 50% by mid-century unless urgent actions are taken on clean technology innovation. The targeted sectors of the First Movers Coalition include aluminum, aviation, chemicals, concrete, shipping, steel, and trucking.

Which countries joined the coalition and what are their commitments?

Apart from India, Denmark, Italy, Japan, Norway, Singapore, Sweden, and the UK joined the First Movers Coalition as government partners. India, Japan, and Sweden also joined the steering board of the First Movers Coalition.

The member countries pledged to create early markets for clean technologies through appropriate policies and engagements with the private sector. They also committed to purchasing a certain percentage from suppliers using zero-carbon solutions, even at a premium cost. If purchases from public and private sectors increase in this decade it will ensure affordability of clean technologies and also ensures long-term transformation.

Month: Current Affairs - May, 2022

Category: International / World Current Affairs