Foreword Established in 2021, the First Movers Coalition (FMC) has grown into the world’s most significant private demand signal for deep industrial decarbonization. That is what we showcase through this impact brief. Despite changes in the global context, we highlight how members are turning ambition into action, and staying true to the original FMC promise – to accelerate the market for deeply decarbonized technologies by 2030 in seven hard-to-abate industrial sectors. Together, FMC members have pledged more than $19 billion in demand for low- carbon products by 2030, representing a potential 26 million tonnes of CO2 emissions reductions. Underpinning that there are more than 130 offtake agreements and investments demonstrating growing confidence in early markets which are collectively helping shift momentum from intent to implementation. Progress has not come easily. Geopolitical fragmentation, economic headwinds and uneven technological readiness continue to challenge the transition. Yet FMC has shown that collective demand can create stability in uncertain contexts. By aligning corporate ambition with evolving policy landscapes, supporting credible market mechanisms and strengthening connections between buyers and suppliers, the coalition is helping unlock the investment and infrastructure needed for near-zero industrial pathways. The next five years will be decisive. Delivering on FMC’s 2030 ambitions will require deeper collaboration across regions, sectors and public- private actors. It will demand continued innovation in procurement models, clearer standards, more robust financing solutions and stronger policy support. Most importantly, it will require sustained leadership from companies and governments willing to move first. This brief shines a light on a maturing coalition. With a strong track record, expanding membership and increasing engagement from governments and industry, FMC is well positioned to continue shaping the early markets that will define the net- zero economy.Noam Boussidan Programme Head, First Movers Coalition, World Economic Forum First Movers Coalition Impact Brief January 2026 First Movers Coalition Impact Brief 3

First Movers Coalition Impact Brief 2026