Endnotes 1. Science Based Targets initiative (2025). SBTi Trend Tracker. 2. BCG. (2025). Corporate sustainability investment trends 2025. 3. IEA (2023) Net Zero Roadmap: A Global Pathway to Keep the 1.5°C Goal in Reach. 4. Center for Green Market Activation. (2025). Why System Boundaries Matter: Exploring Various Market-based Approaches to Deep Value Chain Decarbonization. https://gmacenter.org/news/gma-insights-why-system-boundaries-matter- exploring-various-market-based-approaches-to-deep-value-chain-decarbonization/ 5. IEA. (2025). Policy Toolbox for Industrial Decarbonisation 2025. 6. International Aluminium Institute. (2024). Global aluminium sector emissions data 2024. 7. Rio Tinto. (2025). Rio Tinto and Hydro partner on carbon capture technologies for aluminium smelters. https://www. riotinto.com/en/news/releases/2025/rio-tinto-and-hydro-partner-on-carbon-capture-technologies-for-aluminium-smelters 8. Calix (2025). Calix and Hydro Partner to develop Zero Emissions ALumina. https://calix.global/news/calix-hydro-partner- develop-zero-emissions-alumina/ 9. Elysis. (2025). ELYSIS achieves breakthrough with commercial-size cell: a first in aluminium production using the inert anode technology. https://elysis.com/en/elysis-achieves-breakthrough-with-commercial-size-cell-a-first-in-aluminium- production-using-the 10. VELUX Group. (2025). VELUX Group signs long-term agreement with Novelis to supply low carbon aluminium. https://press.velux.com/velux-group-signs-long-term-agreement-with-novelis-to-supply-low-carbon-aluminium/ 11. IEA. (2025). Policy Toolbox for Industrial Decarbonisation 2025. 12. IATA. (2025). Global Feedstock Assessment for SAF Production. Montreal: International Air Transport Association. 13. Avelia Solutions. (2025). Avelia sustainable aviation fuel platform update. 14. Moeve. (2025). Moeve becomes the first external SAF supplier to join Avelia. https://www.moeveglobal.com/en/press/ moeve-first-saf-supplier-avelia-blockchain 15. Moeve. (2024). EasyJet reaches an agreement with Moeve for the supply of sustainable aviation fuel (SAF) for the next six years. https://www.moeveglobal.com/en/press/easyjet-moeve-saf-sustainable-fuel-agreement 16. Twelve. (2025). Twelve Announces Collaboration with Autodesk, Accelerating Sustainable Aviation Fuel Adoption & Climate Technology Solutions. https://www.twelve.co/post/twelve-announces-collaboration-with-autodesk-accelerating- sustainable-aviation-fuel-adoption-clim 17. State of Carbon Dioxide Removal. (2024). State of Carbon Dioxide Removal 2024 Report. 18. World Economic Forum. (2024). First Movers Coalition Progress Report 2024. 19. Charm Industrial. (2025). Why Capgemini’s Long-Term Deal with Charm Industrial Matters—For Everyone. https://charmindustrial.com/blog/why-capgemini-s-long-term-deal-with-charm-industrial-mattersfor-everyone 20. ESG Post. (2025). Capgemini signs first durable carbon removal deals with Climeworks and Charm Industrial. https://esgpost.com/capgemini-signs-first-durable-carbon-removal-deals-with-climeworks-and-charm-industrial/ 21. ESG Dive (2025) Microsoft signs offtake deal for waste-to-energy facility CCS retrofit. https://www.esgdive.com/news/ microsoft-signs-waste-to-energy-ccs-retrofit-deal-gaia-cip-denmark/752595/. 22. Carbon Capture Magazine. (2025). Hafslund Celsio Announces a 10-year Carbon Removal Agreement with Microsoft. https://carboncapturemagazine.com/articles/hafslund-celsio-announces-a-10-year-carbon-removal-agreement-with- microsoft 23. Stockholm Exergi. (2025). Stockholm Exergi extends landmark carbon removal agreement with Microsoft. https://www.stockholmexergi.se/nyheter/stockholm-exergi-extends-landmark-carbon-removal-agreement-with-microsoft/ 24. ESG Today. (2024). Google Signs its Largest Ever Carbon Removal Deal to Capture CO2 in Crushed Rocks and Soil. https://www.esgtoday.com/google-signs-its-largest-ever-carbon-removal-deal-to-capture-co2-in-crushed-rocks-and-soil/ 25. ESG Dive. (2025). Google inks deal to remove carbon dioxide, measure waste-generated methane emissions. https://www.esgdive.com/news/google-inks-deal-remove-carbon-dioxide-measure-waste-generated-methane-vaulted- deep-isometric/760400/ 26. Symbiosis Coalition. (2025). Symbiosis Announces Technical Advisory Board of Leading Scientists and Experts to Guide Nature-Based Carbon Removal Criteria. https://www.symbiosiscoalition.org/perspectives/technical-advisory-board-to- guide-criteria 27. Reuters. (2024). Google buys carbon removal credits from Brazil startup, joining Microsoft https://www.reuters.com/ sustainability/climate-energy/google-buys-carbon-removal-credits-brazil-startup-joining-microsoft-2024-09-19/ First Movers Coalition Impact Brief 17

First Movers Coalition Impact Brief 2026