Trafigura announces carbon removal commitment as part of the First Movers Coalition
Commitment made during the World Economic Forum’s Annual Meeting
Davos, Switzerland, 16 January 2023 – Trafigura Group Ptd Ltd. (“Trafigura” or “the Group”), a market leader in the global commodities industry, has today made a public carbon dioxide removal commitment as a founding member of the First Movers Coalition (FMC). In addition to Trafigura’s direct emissions reduction efforts, the Group has committed to purchase at least 50,000 tons of durable and scalable net carbon dioxide removal credits by the end of 2030 generated through advanced carbon dioxide removal technologies1.
Led by the World Economic Forum and the US government, the FMC targets the heavy industry and long-distance transport sectors responsible for 30 percent of global emissions - a proportion expected to rise to over 50 percent by mid-century without urgent progress on clean technology innovation.
The World Economic Forum has partnered with the US Special Presidential Envoy for Climate John Kerry and 69 global businesses to invest in innovative green technologies. These financing commitments will ensure new technologies are available for scale-up by 2030 and make a critical contribution to achieving net-zero emissions by 2050.
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,” said Jeremy Weir, Trafigura’s Executive Chairman and Chief Executive Officer. “I’m looking forward to continuing to engage in the coalition and to fulfilling Trafigura’s shipping, aluminium and carbon dioxide removals commitments.”
Trafigura’s 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.
1Further details about the First Movers Coalition’s carbon removal commitment here.
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Trafigura Press Office: +41 (0) 22 592 4528 or firstname.lastname@example.org
Trafigura is a leading commodities group, owned by its employees and founded 30 years ago. At the heart of global supply, Trafigura connects vital resources to power and build the world. We deploy infrastructure, market expertise and worldwide logistics network to move oil and petroleum products, metals and minerals, gas and power from where they are produced to where they are needed, forming strong relationships that make supply chains more efficient, secure and sustainable. We invest in renewable energy projects and technologies to facilitate the transition to a low-carbon economy, including through joint ventures H2Energy Europe and Nala Renewables.
The Trafigura Group also comprises industrial assets and operating businesses including multi-metals producer Nyrstar, fuel storage and distribution company Puma Energy, and our Impala Terminals joint venture. The Group employs over 12,000 people and is active in 156 countries.