Patch will support First Mover Coalition members' commitments by connecting them with carbon removal project developers, leveraging software to scale long-term, net-zero transformation
SAN FRANCISCO and LONDON, Jan. 11, 2023 (GLOBE NEWSWIRE) -- Patch (https://www.patch.io/) announced today it will join the First Movers Coalition (https://www.weforum.org/first-movers-coalition) (FMC), aligning with the technology platform's mission to advance technology that makes meaningful climate action a part of everyone's business. FMC is a global initiative led by the World Economic Forum and the U.S. Department of State that has brought together more than 60 companies worldwide to build early markets for clean technologies.
FMC aims to decarbonize "hard to abate" industrial sectors that currently account for 30% of global emissions. Companies in the coalition have a combined ~$8 trillion in market capitalization and are harnessing their collective purchasing power to send a strong market signal to commercialize zero-carbon technologies. FMC members working within the Carbon Removal Sector, including Alphabet and Microsoft, have committed to contract 50,000 tonnes or $25M worth of durable and scalable carbon dioxide removal by the end of 2030.
FMC has selected Patch as a Carbon Removal Sector implementation partner to offer solutions that meet high durability and scalability requirements. Patch's platform, which unifies discrete solutions and actors across the carbon market, will bring market insights as well as unique opportunities to help FMC participate in effectively scaling the carbon removal technology ecosystem.
"First Movers Coalition understands the order of magnitude required to reach our global climate goals," said Brennan Spellacy, Patch CEO & Co-founder. "Combining Patch's powerful digital infrastructure with First Movers Coalition purchase commitments will enable more efficient and transparent transactions across the carbon market. We are thrilled to work alongside the World Economic Forum and the 60+ First Mover Coalition member companies to ensure this level of investment in carbon removal technology can accelerate impactful climate solutions at viable commercial scale by 2030."
Patch serves a range of customers like Afterpay, Shop Apotheke, Bain & Company, and EQT to provide access to a range of carbon removal technology solutions, including direct air capture, biomass-based carbon removal, enhanced weathering and concrete mineralization. A trusted leader within the carbon market, Patch brings together (https://www.patch.io/blog/patch-joins-global-leaders-and-policy-pioneers-at-cop27) business leaders, policymakers and developers across the space in support of innovation and best practices. Using Patch's technology infrastructure, FMC members will now have multiple pathways to purchase vetted carbon credits, including one-time direct purchases, recurring multi-year offtake agreements, and an API integration that enables companies to connect any product experience to climate action.
"To achieve net-zero emissions globally by 2050, innovative clean energy technologies must reach commercial scale by 2030," said Nancy Gillis, First Movers Coalition Programme Head. "Engineered carbon dioxide removals will be paramount to decarbonizing at the speed necessary to keep the planet on a 1.5 degree pathway. We are excited that Patch has become an Implementation Partner of the First Movers Coalition and is leveraging their software solutions to facilitate efficient and effective carbon removal at scale."
"Recognizing the urgency to achieve commercial scale carbon removal within the decade, First Movers Coalition members have pledged to catalyze innovation through sizable commitments to purchase durable and scalable carbon removal," said U.S. Special Presidential Envoy for Climate John Kerry. "The First Movers Coalition's implementation partners for carbon removal play an important role in enabling these commitments, and we welcome Patch as our latest implementation partner."
About Patch:
Patch is the technology platform making meaningful climate action a part of every business-no matter the size. Patch provides a growing cohort of carbon credit buyers with access to carefully vetted climate action projects across six continents. This enables buyers to confidently achieve climate impact they can trust, and provides project developers the resources to scale their solutions at the critical pace the planet needs. To help rebalance the planet, visit patch.io (http://www.patch.io/).
Contact: Katie Lyons (katie@patch.io (mailto:katie@patch.io))
