US President Joe Biden is to launch a new clean energy project at COP26 later this week.
The First Movers Coalition (FMC) is a platform for building private-sector demand to speed clean energy technology innovation and confront the climate crisis.
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It counts over 25 founding members, including tech behemoth Apple Inc (NASDAQ:AAPL), MarketWatch reported.
The White House said that the purchasing power of these groups will create early market demand for innovations across eight “need-to-abate” sectors – steel, trucking, shipping, aviation, aluminum, concrete, chemicals, and direct air capture.
These represent more than one-third of the world’s carbon emissions today, a proportion set to grow in the coming decades.
On the first day of the UN conference in Glasgow, Biden said that the event must act as a “kickoff of a decade of ambition and innovation to preserve our shared future”.
“We will demonstrate to the world the United States is not only back at the table but hopefully leading by the power of our example,” he added. “I know it hasn’t been the case, which is why my administration is working overtime to show our climate commitment is action not words.”
“This is the challenge of our collective lifetimes, an existential threat to human existence as we know it and every day we delay the cost of inaction increases.”