AI use rises in Saudi insurance sector amid 80m transactions in 2023

AI use rises in Saudi insurance sector amid 80m transactions in 2023
AI use rises in Saudi insurance sector amid 80m transactions in 2023

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Jeddah - Yasmine El Tohamy - Global decarbonization gains momentum with over 120 commitments in emerging technologies

LONDON: The global push for industrial decarbonization has reached new heights with the First Movers Coalition — a collaboration between the World Economic Forum and US government — announcing the signature of more than 120 commitments from 96 members.

It makes FMC the world’s largest private sector demand for emerging climate technologies and signals a resounding call for the procurement of near-zero emission goods and services by 2030.

WEF president, Borge Brende, said: “The First Movers Coalition is proving the power of private sector cooperation to drive meaningful climate action.

“FMC member companies are sending an unprecedented signal of demand, driving investment and production of critical emerging technologies for the decarbonization of heavy-emitting industrial sectors.”

Recognizing that half of the needed emissions reductions by 2050 must come from technologies not yet available at scale, FMC members have collectively pledged to purchase near-zero emission goods and services employing breakthrough climate technologies by 2030.

These commitments span seven key sectors considered heavy-emitting industry, namely aluminium, aviation, carbon dioxide removal, cement and concrete, shipping, steel, and trucking.

By 2030, the FMC’s commitments are projected to represent an estimated annual demand of $16 billion for emerging climate technologies, resulting in a significant reduction of 31 million tonnes (Mt) CO2e in annual emissions.

US Special Presidential Envoy for Climate John Kerry lauded the FMC’s efforts in challenging sectors.

He said: “The First Movers Coalition is driving critical progress in some of the hardest-to-address sectors.

“As members invest in decarbonization projects supporting their commitments, they give confidence to the market to develop faster, crucial for enabling the deep decarbonization of heavy-emitting sectors.”

Since its launch at COP26 with 35 members, the FMC has expanded to 96 members, including recent additions such as Qatar Airways, Velux, The Coca-Cola Co., and GE Vernova.

In addition to member commitments, the coalition announced new initiatives aimed at identifying and supporting breakthrough decarbonization technologies within the aviation and steel sectors, plus the development of a sustainable procurement guide to offer clarity on product category rules and key issues for procurement teams in the cement and concrete industry.

In December, during COP28 in , the FMC launched the First Movers Coalition for Food, an initiative that uses the combined procurement power for sustainably produced farming products to speed up the adoption of sustainable farming, innovations, and transitional funding.

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