Daily CSR
Daily CSR

Daily CSR
Daily news about corporate social responsibility, ethics and sustainability

First Movers Coalition Receives C.K. Prahalad Award for Decarbonizing High-Emitting Industries


The Corporate Eco Forum (CEF) has recognized the First Movers Coalition with the prestigious 2023 C.K. Prahalad Award for their groundbreaking work in reducing carbon emissions in high-polluting industries. This announcement was made during the 2023 CEF Annual Leadership Retreat, attended by top executives from CEF member companies with a combined revenue exceeding $5 trillion.
The First Movers Coalition is an initiative focused on accelerating the transition to a net-zero economy. It brings together partnerships and collaborative efforts across various sectors to address the challenge of decarbonizing seven major industries that contribute to over one-third of global carbon emissions. These industries, including aluminum, aviation, chemicals, cement and concrete, shipping, steel, and trucking, have proven to be particularly difficult to decarbonize. Without swift progress in clean technology innovation, their combined emissions could surpass 50 percent of global emissions by 2050.
"We are delighted to honor the First Movers Coalition, and especially acknowledge the leadership of US Special Envoy John Kerry and the World Economic Forum, with the 2023 C.K. Prahalad Award," said MR Rangaswami, the Founder of CEF. "It is crucial to have strong collaborative efforts like this to address the systemic and global nature of climate change. We are proud that many participating companies are members of CEF, including Amazon, Apple, Bank of America, Boeing, Delta Air Lines, Ecolab, Ford Motor Co., General Motors, Google, Microsoft, PepsiCo, Salesforce, Schneider Electric, and Trane Technologies."
Launched in November 2021 by the Office of the US Special Presidential Envoy for Climate John Kerry and the World Economic Forum, the First Movers Coalition is a unique global public-private initiative. It has successfully brought together a diverse range of stakeholders and garnered support from highly ambitious government partners representing over 40% of the global GDP. Through collaboration with countries such as Canada, Denmark, India, Italy, Japan, Norway, Singapore, Sweden, the UAE, and the United Kingdom, the United States is leading efforts to establish early markets for clean technologies through policy measures and engagement with the private sector.
Recognizing the need for clean energy technologies that are not yet commercially competitive, members of the Coalition have committed to purchasing a portion of their long-distance transportation services and industrial materials, including aluminum, steel, and concrete, from suppliers that utilize near-zero or zero-carbon solutions, even if it incurs additional costs. Currently, more than 80 companies have made purchase commitments totaling $12 billion.
Each sector within the Coalition has set specific goals for reducing emissions. For example, aviation members aim to replace at least 5% of conventional jet fuel demand with sustainable aviation fuels capable of reducing greenhouse gas emissions by 85% or more compared to traditional fuels. Similarly, the shipping sector aims to power at least 5% of deep-sea shipping with zero-emission fuels by 2030, with a target of 100% by 2040.
Additionally, the Coalition has set ambitious targets for companies to purchase effective carbon removal solutions at scale by 2030. Alphabet, Microsoft, and Salesforce have already committed a combined total of $500 million towards this goal. The Coalition works in partnership with Breakthrough Energy to drive technology deployment and with Boston Consulting Group as its primary knowledge partner. Furthermore, the Mission Possible Partnership brings together partners from leading organizations to design sector-specific commitments and amplify impact through expertise and networking.
Addressing the urgency of the climate crisis requires a 50% reduction in global greenhouse gas emissions by 2030, with the ultimate goal of achieving net-zero emissions by the mid-century. The First Movers Coalition recognizes the need to introduce disruptive clean technologies on a large scale to meet these targets. By effectively signaling demand, the Coalition is spearheading the development of necessary technologies for a sustainable future.
World Economic Forum President Børge Brende expressed gratitude for accepting the prestigious C.K. Prahalad Award on behalf of the First Movers Coalition's pioneering efforts in sustainability. This recognition highlights the collective commitment to drive decarbonization in challenging industries worldwide. The Forum extends sincere appreciation to government partners and members for their instrumental collaboration in achieving this milestone, as they play a critical role in accelerating the supply of innovative clean technologies.
The C.K. Prahalad Award is a tribute to the renowned business strategist C.K. Prahalad, who emphasized the significance of collaborative efforts to address global challenges. Prahalad believed that true collaboration goes beyond the mere sharing of resources and knowledge, instead uncovering opportunities to create new value that could not have been achieved independently.