As the global decarbonization agenda enters the second half of this decisive decade, the landscape has become increasingly complex. Geopolitical fragmentation, economic volatility and uneven technological progress are testing collective resolve. Yet within this uncertainty, FMC stands as a mobilizing force. By providing stability, creating investment confidence, bridging the widening gap between supply and demand for near-zero products, leveraging credible market mechanisms to accelerate industry decarbonization and enabling collective solutions to infrastructure bottlenecks, FMC is contributing to accelerating the expansion of low-carbon supply across hard-to-abate sectors. 1 Providing stability amid geopolitical fragmentation Growing geopolitical tensions and divergent regulatory agendas have made coordinated global climate action increasingly difficult. FMC offers stability and coherence by aligning more than 100 leading companies and 14 government partners around shared market signals. Through proactive policy engagement and regional collaboration, FMC helps connect private-sector demand with evolving policy frameworks. This work is illustrated by FMC’s workshop in Australia, which brought together more than 150 leaders from industry and government to explore the country’s opportunity to be a leader in green iron. In Europe, FMC hosted a policy workshop in Copenhagen with more than 60 industry and public stakeholders, including European Union representatives, to discuss how the EU can drive the region’s clean industrial transition. These efforts show how FMC fosters alignment between corporate commitments and national industrial policies, giving members a visible platform to influence markets and strengthen resilience in an uncertain political environment. 1 Creating investment confidence in a volatile economy Inflation, rising capital costs and permitting delays are adding pressure on industrial decarbonization projects. FMC reduces investment risk by aggregating credible corporate purchasing commitments that signal long-term demand. During New York Climate Week 2025, FMC held a series of finance roundtables to explore practical ways to unlock private capital. The carbon dioxide removal session, co-hosted with BlackRock and Carbon Direct, revealed that while capital exists, investment is hindered by unbankable offtake structures and a discrepancy between venture equity and project debt. Participants believed that change could be achieved by prioritizing bankable offtake templates, a shared diligence library on FMC’s First Suppliers Hub and an aggregation vehicle to broaden buyer access. Similarly, the cement and concrete roundtable with Arup and Concrete Transition Capital highlighted the need for innovative financing models to de-risk early projects and attract institutional investors. Since FMC’s creation, members have made more than 130 offtake agreements, providing producers and financiers with the confidence to proceed with high-capex, low-carbon projects, such as those mentioned in the subsequent chapter on sector deep dives. FMC’s shared demand framework provides predictability, unlocking capital that might otherwise remain sidelined. 1 Bridging the supply–demand gap for near-zero products Corporate ambition to source near-zero materials has never been higher – but supply still lags behind. The number of companies aligned with the Science Based Targets initiative (SBTi) rose by 11% in 2025, reaching nearly 11,000 globally.1 Despite economic and geopolitical uncertainty, around 70% of companies intend to sustain or expand their investment in sustainability.2 However, according to the IEA’s net-zero roadmap 2023 scenario, 35% of emissions reductions needed to reach net zero in 2050 depend on technologies that are not yet commercially available.3 FMC directly addresses this critical mismatch by aggregating demand across sectors, thereby providing powerful market signals to producers and investors that incentivize essential upstream investments and accelerate the creation of near- zero production capacities, bridging the widening gap between ambition and execution. FMC’s aggregated demand for low-carbon materials has encouraged producers to scale near-zero manufacturing capacity and explore innovative partnerships, as described in the chapter on sector deep dives. To help members and wider buyers connect with suppliers that provide the products and services which enable them to meet their FMC commitments, the FMC’s First Suppliers Hub is a publicly accessible database of FMC-aligned products and technologies. It serves as a platform to enable these connections, as well as those between final product suppliers (such as green steel or sustainable aviation fuel producers) and the companies providing the enabling technologies needed for their production.231.2 Global cross-sector trends and FMC’s role First Movers Coalition Impact Brief 6

First Movers Coalition Impact Brief 2026