Hundreds of companies from many sectors came together at the World Economic Forum held after a two-year break in Davos, Switzerland, and shared insights into their carbon-neutral targets.
More than 50 companies have also joined the First Movers Coalition led by US President Joe Biden, which aims to achieve carbon neutrality in the heavy industry and long-distance transportation sectors, which are responsible for 30 percent of global carbon emissions.
The companies involved in the coalition, which has received more than $10 billion in investment for carbon neutrality since last year, have pledged to buy aluminum, steel and other commodities from producers that emit little or zero carbon.
Automotive giants Ford and Volvo also stated that near-zero carbon aluminum purchases will account for 10 percent of their overall aluminum purchases by 2030. Aluminum production is held to be responsible for two percent of global carbon emissions.
Sue Slaughter, head of Ford Supply Chain Sustainability Department, said that, if they invest in the right technologies, they could achieve carbon neutrality by 2050, adding that Ford will cooperate with suppliers of sustainable green steel and aluminum.
On the other hand, Google’s parent company Alphabet and Microsoft have also committed to investing $500 million in carbon capture and storage technologies.