“The ‘First Movers Coalition’ will help foster investment in cleantech for industrial decarbonization,” said John Rutherford, the Head of Institutional Relations at BBVA, who attended the event where the Spanish government joined this World Economic Forum (WEF) alliance.
“We need to generate large-scale demand for technologies and sustainable solutions in hard-to-abate sectors in order to reinforce the economic case for investment in this energy transition. The ‘First Movers Coalition’ is a flagship initiative of global partnership, and our participation in the financial pillar of this coalition is a great opportunity to support and finance companies in this transition,” John Rutherford said.
BBVA is participating in the ‘First Movers Coalition’ (FMC) as a member of the financial pillar, along with other banks in the sector. This pillar works to eliminate risks and promote investment in zero-emission technologies by engaging with investors and advancing public-private partnerships.
The main role of the financial pillar is to help FMC members reach bankable purchase agreements, ensuring that financial institutions interact with companies on both the demand and supply sides to mobilize the capital needed at scale.
Since 2023, BBVA has been an active member at the FMC international meetings, such as the coalition’s regional workshop in Brazil; the annual forum in Geneva, and other WEF cleantech events in Davos.
The FMC consists of more than 100 global companies that are committed to decarbonization and the technologies that enable the decarbonization of key sectors, such as aluminum, cement and concrete, steel, aviation, road transport, shipping and the removal of CO2 itself.
These sectors are critical to reducing emissions in the coming decades, particularly through clean technologies. Accelerating innovation over the next few years is vital to ensuring the commercial viability of climate technologies and their cost competitiveness.
According to the ‘First Movers Coalition’, by 2050, 50 percent of the emission reductions needed to reach the net-zero emission target will come from technologies that are not yet available at scale, as they are still being developed.
In 2030, FMC member commitments will represent an annual market demand of $16 billion for this emerging technology ecosystem, reducing carbon dioxide (CO2) by 31 million tons every year.
A total of 13 governments have joined this alliance. As of today, Spain also signed at an institutional event where Prime Minister Pedro Sánchez gave the closing remarks. Also participating in the event were the Minister of the Economy, Commerce and Business, Carlos Cuerpo; the Third Vice President and Minister of the Ecological Transition and the Demographic Challenge, Sara Aagesen; President and CEO of the World Economic Forum, Børge Brende; and representatives of major Spanish companies.