Buyers’ clubs and pooled procurement platforms allow corporate buyers to leverage economies of scale, spread transaction costs across more entities and send a strong demand signal to grow the pipeline of clean energy projects among local developers. This promotes knowledge sharing and capacity building among corporate investors of various sizes and capacities. First Movers Coalition BOX 3 Launched at the UN Climate Change Conference in Glasgow in 2021 (COP26) by the World Economic Forum and the US Department of State, the First Movers Coalition (FMC) is a global initiative aimed at harnessing the purchasing power of the world’s leading companies to decarbonize heavy-emitting industrial sectors. The coalition brings together over 100 major companies from diverse sectors, including shipping, aviation, steel, aluminium, trucking, chemicals and carbon dioxide removal (CDR), to commit to buying low-carbon products and services which are essential to achieving net- zero emissions by 2050, but are not yet competitive in today’s market. FMC has generated $19 billion of annual clean demand totalling 26 million tonnes of annual emission reductions in 2030 – the world’s largest, credible demand signal. FMC provides a platform for corporate collaboration, pooled procurement and joint market signalling to stimulate innovation and de-risk investments in clean energy and industrial decarbonization technologies. Smaller companies gain access to shared procurement tools and strategies from leaders such as Microsoft and Alphabet (e.g. in carbon removal), lowering market entry barriers and building internal expertise. By committing to purchase low-carbon products – such as sustainable aviation fuels – FMC members create predictable demand, encouraging local developers to invest in new clean energy infrastructure.Create demand-aggregation platforms led by corporate buyers Asset managers Project developers Corporates EMDE governmentsSOLUTIONS: MEDIUM-TERM From Risk to Reward: Unlocking Private Capital for Climate and Growth 22

Risk to Reward 2025