Ford joins companies committing to global buyers' club aimed at decarbonization
Ford Motor Co. is among a group of companies that on Wednesday committed to join a global initiative aimed at decarbonizing key sectors such as heavy transport.
The expansion of the First Movers Coalition, which started at the 2021 United Nations Climate Change Conference, was announced at the World Economic Forum in Davos, Switzerland. Other prominent corporations that joined the group include Google parent company Alphabet Inc. and Microsoft Corp.
The initiative looks to leverage purchasing power and supply chains to drive demand for green energy technologies.
The automaker is committing to purchase at least 10% near-zero carbon steel and aluminum by 2030, and previously said it's targeting carbon neutrality globally no later than 2050.
“Reducing emissions to carbon neutral by 2050 is possible if we invest in the right technologies and bring them to scale within the next decade,” Sue Slaughter, Ford's director of supply chain sustainability, said in a statement. “By joining the First Movers Coalition, Ford is signaling to the market that we want to work with our suppliers to achieve commercially viable green steel and aluminum."
The coalition, led by the World Economic Forum and the U.S. government, now comprises more than 50 companies with a collective market value of about $8.5 trillion. Its target sectors include aluminum, aviation, chemicals, concrete, shipping, steel and trucking, which are responsible for about 30% of global emissions.