Hydro joins forces with the world’s leading global companies to signal demand for the clean technologies needed to reach zero.
The First Movers Coalition is a group of leading global companies combining their purchasing power to help commercialize low-carbon technologies essential to reducing global emissions. Led by the World Economic Forum and the US Government, the FMC targets hard-to-abate sectors including aluminium, aviation, chemicals, concrete, shipping, steel, and trucking, which are responsible for 30% of global emissions.
For these sectors to decarbonize at the speed needed to keep the planet on a 1.5-degree pathway, they require low-carbon technologies that are not yet competitive with current carbon-intensive solutions.
I am proud to announce that Hydro is joining the First Movers Coalition, signaling our determination to taking responsibility and leading the way for the world to reach the climate targets. The challenge of climate change transcends borders and industries, and we can only maintain the critical climate pathway of 1.5ºC if we work together to create new markets for a sustainable future, says President & CEO, Hilde Merete Aasheim.
Through its fully integrated value chain, Hydro is in a unique position to pioneer the green aluminium transition through both decarbonizing its own value chain as well as using its procurement power responsibly to drive the global industry in the right direction.
The green transition starts with us. As the need for aluminum is growing fast as a critical material for the green transition, the need for carbon-neutral solutions is growing even faster. If we are to make aluminium production emission-free across the entire value chain, we need to change the game for how we make aluminium, signaling demand for more innovative technologies to make zero possible. The industry needs to join forces to make this happen, says Aasheim.
FMC members commit to purchasing a percentage of near-zero or zero-carbon solutions from suppliers, despite the premium cost. If enough FMC members meet their demand commitments by 2030, it will create a market tipping point that accelerates the affordability and availability of near- or zero-carbon solutions and drive the transformation of these sectors.
Hydro will take the FMC Aluminium sector commitment via its extrusion business, committing to at least 10% (by volume) of all primary aluminum procured externally annually will be near-zero emissions primary aluminum by 2030 (as per the First Movers Coalition definition). Hydro also has the ambition to serve as an FMC supplier with its roadmap to deliver near-zero emission aluminium ahead of 2030, and to solely produce net zero aluminium by 2050.