RMZ Corp, has become the first Indian real estate company to be one of the first signatories of the First Movers Coalition (FMC). FMC is a global decarbonization initiative launched by the World Economic Forum and the US government during COP26. At COP27 in Egypt, the 65-member coalition committed $12 bn to commercialize zero-carbon technologies and cut emissions and focuses on cleaning up one of the world’s most carbon-intensive industry sectors through purchasing commitments for low-carbon technology. RMZ Corp joined the coalition along with nine other companies at COP27. As an FMC company, it has committed to purchase at least 10 percent of near-zero cement and concrete per year by 2030.
Cement & Concrete make up 7% of global emissions today. To decarbonize the cement sector, emerging technologies in carbon capture, use, and storage (CCUS) need to be scaled. RMZ Corp is the first and only real estate developer from India to be part of the Coalition and has signed up in the cement and concrete sector.
Commenting on the development, Jayakumar K Senior Managing Director & Member of the Executive Board, of RMZ Corp, said, “We are incredibly proud to be the first Indian real estate company to be one of the first signatories of the First Movers Coalition. We are excited to join the network that is committed to purchasing at least 10% near-zero cement and concrete per year by 2030. Purchase commitments will stimulate the clean technology market with more investments in decarbonizing technologies. Our goal has been to imagine, create, operate, and transform for a greener, more liveable planet. From a decarbonization standpoint, we would like to lead and drive the shift to a net-zero economy. Joining the Coalition only reiterates our commitment to this.”
RMZ is synonymous with industry-leading sustainability best practices and the building of efficient and resilient properties that are future-ready. RMZ's sustainability framework covers renewable energy, green buildings, zero waste, water neutrality, Scope 3 emissions, digitization, the happiness index, health and wellness, social design, social experiences, and community programs.
With a collective market value of approximately $8 trillion, members of the First Mover's Coalition hope to bring clean technologies to scale through advance purchase commitments in order to decarbonize carbon-heavy sectors such as aluminum, aviation, chemicals, concrete, shipping, steel, and trucking, which account for 30% of global emissions. FMC currently has 85 purchasing commitments and includes some of the most influential brands in the world, with two-thirds of the members among the Forbes Global 2000.
