Trafigura makes serious commitments to remove CO2 under FMC provisions

One of the founding members of the First Mover Coalition (FMC), Trafigura, has vouched to curtail carbon emissions alongside buying almost 50,000 tonnes of potent and weighable net carbon dioxide removal credits by the end of 2030 yielded via enhanced carbon dioxide eradicating processes.

Established in 1993, Trafigura Group Pte. Ltd is a Singapore-headquartered Swiss multinational commodity trading enterprise that mainly focuses on base metals and energy. 

With this, Trafigura has dedicated its commitment to FMC for the third time, as it can already be regarded as the attestation firm related to FMC’s shipping and aluminium industry ties. 

The CEO and Executive Chairman of Trafigura, Jeremy Weir, exemplified: “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. I’m looking forward to continuing to engage in the coalition and to fulfilling Trafigura’s shipping, aluminium, and carbon dioxide removals commitments.”

As Trafigura assesses, its proposal is aligned with FMC’s guidelines, and if other companies wish for similar kinds of deals, they would be first required to avail the technology in their particular units to meet individual 2030 purchase pledges. 

FMC, initiated at COP26, is monitored by the World Economic Forum and the US Government. The coalition aims at reducing carbon emissions from heavy industries and long-distance logistic systems. 

John Kerry, the US Special Presidential Envoy for Climate and the World Economic Forum, has joined 69 other international organisations to invest in game-changing green technologies. 

These financial donations will welcome new technological advancements by 2030 and inspire great innovations for reaching net zero emissions by 2050.