Trafigura announces carbon removal commitment
The company has also committed to purchasing at least 50,000 metric tons of durable and scalable net carbon dioxide removal credits by the end of 2030.By Shardul Sharma
Commodity trader Trafigura on January 16 made a public carbon dioxide removal commitment as a founding member of the First Movers Coalition (FMC). The company has also committed to purchasing at least 50,000 metric tons of durable and scalable net carbon dioxide removal credits by the end of 2030 generated through advanced carbon dioxide removal technologies.
The FMC targets the heavy industry and long-distance transport sectors responsible for 30% of global emissions, which is expected to rise to over 50% by mid-century without urgent progress on clean technology innovation, Trafigura said.
Since it was launched at COP26, the FMC has brought together global companies with supply chains across carbon-intensive sectors. Trafigura, as a founding member of the FMC, is already a signatory to the FMC shipping and aluminium sector commitments.
“In making our third commitment to the First Movers Coalition and its aims, we are pleased to join other leading companies in sending a firm market demand signal for important technologies and fuels that are essential to achieving a low-carbon future,” Trafigura CEO Jeremy Weir said.
Trafigura said its commitment, in line with the FMC guidelines and other companies making this commitment, is subject to the availability of technology supply that enables companies to meet their 2030 purchase pledges.