Johnson Controls Supports Major Expansion of First Movers Coalition

Rhea-AI Summary

Johnson Controls, a founding member of the First Movers Coalition, supports its expansion to over 50 corporate members, representing roughly $8.5 trillion in market cap. This global initiative aims to accelerate clean technology advancements to achieve net-zero emissions by 2050. Johnson Controls has committed to purchasing 10% near-net-zero carbon steel by 2030 and aims to achieve net zero Scope 1 and 2 emissions by 2040. The coalition, launched at COP26, targets heavy carbon-emitting sectors, emphasizing collaboration between businesses and governments for a sustainable future.

Positive

• Johnson Controls is a founding member of the First Movers Coalition, enhancing its sustainability profile.
• The Coalition's expansion includes over 50 companies, signaling strong market demand for clean technologies.
• Johnson Controls aims to purchase 10% near-net-zero steel by 2030, moving towards its carbon reduction targets.
• The company plans to achieve net zero Scope 1 and 2 emissions by 2040, ahead of the Paris Agreement timeline.

Negative

• The heavy investment required for transitioning sectors may strain financial resources.
• Achieving net-zero emissions by set deadlines poses significant operational and financial challenges.

• More than 50 companies have now joined the First Movers Coalition, launched by President Biden of the US and the World Economic Forum at COP26
  
  
• Coalition calls for urgent progress on clean technology innovation to achieve net-zero emissions globally by 2050
  
  
• Johnson Controls, founding member of the Coalition, has committed to purchase 10 percent near net zero steel by 2030

CORK, Ireland, May 25, 2022 /PRNewswire/ -- Johnson Controls, the global leader for smart, healthy and sustainable buildings, is proud to support the expansion of the First Movers Coalition, which Johnson Controls joined as a founding member in November 2021. The First Movers Coalition, a flagship public-private partnership to clean up the most carbon-intensive industry sectors, from heavy industry to long-distance transport, announced today a major expansion to more than 50 corporate members worth about $8.5 trillion and seven leading governments covering over 40% of global GDP.

Global companies must work together to create new markets for a net-zero future

US Special Presidential Envoy for Climate John Kerry made the announcement alongside Bill Gates, founder of Breakthrough Energy, at a press briefing hosted by the World Economic Forum.

"Global companies must work together to create new markets for a net-zero future. As a founding member of the First Movers Coalition Johnson Controls made a commitment to purchase 10 percent near net-zero carbon steel by 2030, and today welcomes new members, including Microsoft, Alphabet and Salesforce, to the Coalition, creating an unprecedented demand signal for cleantech," said George Oliver, chairman and CEO Johnson Controls. "Only through joint collaboration we are creating unprecedented market demand for the near-zero or zero-carbon technologies needed for net-zero by 2050."

Led by the World Economic Forum and the US government, the First Movers Coalition targets sectors including aluminium, aviation, chemicals, concrete, shipping, steel, and trucking responsible for 30% of global emissions – a proportion expected to rise to over 50% by mid-century without urgent progress on clean technology innovation.

The companies – whose market cap represents about $8.5 trillion across five continents – have sent the largest market signal in history to commercialize emerging clean technologies by making unprecedented advance purchase commitments by 2030 for near-zero carbon steel, aluminium, shipping, trucking and aviation as well as advanced carbon dioxide removal solutions.

Reducing emissions to net-zero by 2050 is possible if the right technologies are brought to commercial scale within the next decade.

"On behalf of the whole team at Johnson Controls, it is our great honor and pleasure to be counted among the founding partners of the First Movers Coalition. Let us salute Secretary John Kerry and the leadership of the World Economic Forum for launching this innovative partnership, and historic expansion today," said Katie McGinty, vice president and chief sustainability and external relations officer at Johnson Controls. "This is exactly the kind of "working together"—business and government, together—that the world so needs and that we know is an unbeatable combination. The toughest problems—like decarbonizing hard to decarbonize sectors—wither in the face of formidable partnerships, and we believe, transform them into opportunities."

Among the earliest industrial companies to report carbon emissions and pledge emission reductions, Johnson Controls continues to make tremendous progress – committing to achieving net zero Scope 1 and 2 carbon emissions by 2040 – ten years ahead of the Paris Climate Agreement goal. By 2030, the company aims to cut its Scope 1 and 2 emissions by 55 percent and Scope 3 emissions by 16 percent. These ambitious 2030 emissions reduction targets have been approved by the Science Based Targets initiative.

Additional information on the First Movers Coalition can be found here and to read more about Johnson Controls commitment to sustainability, please visit: https://www.johnsoncontrols.com/corporate-sustainability/environment

INVESTOR CONTACTS:	MEDIA CONTACTS:
Ryan Edelman	Michael Isaac
Direct: 609.720.4545	Direct: +41 79 694 14 62
Email: ryan.edelman@jci.com	Email: michael.isaac@jci.com
	Karen Tognarelli
	Direct: 571.214.7744
	Email: karen.tognarelli@jci.com

About Johnson Controls

At Johnson Controls (NYSE:JCI), we transform the environments where people live, work, learn and play. As the global leader in smart, healthy and sustainable buildings, our mission is to reimagine the performance of buildings to serve people, places and the planet.

Building on a proud history of more than 135 years of innovation, we deliver the blueprint of the future for industries such as healthcare, schools, data centers, airports, stadiums, manufacturing and beyond through OpenBlue, our comprehensive digital offering. Today, with a global team of 100,000 experts in more than 150 countries, Johnson Controls offers the world`s largest portfolio of building technology and software as well as service solutions from some of the most trusted names in the industry. Visit www.johnsoncontrols.com for more information and follow @Johnson Controls on social platforms.

 

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SOURCE Johnson Controls International plc

FAQ

What is the First Movers Coalition and how is Johnson Controls involved?

The First Movers Coalition is a public-private partnership aimed at reducing emissions in carbon-intensive industries. Johnson Controls is a founding member, committing to sustainable practices and collaborating with other major companies.

What are Johnson Controls' sustainability commitments for 2030?

Johnson Controls has committed to purchasing 10% near-net-zero carbon steel and aims to cut its Scope 1 and 2 emissions by 55% by 2030.

How does the expansion of the First Movers Coalition impact Johnson Controls?

The expansion increases collaboration opportunities and market demand for clean technologies, enhancing Johnson Controls' position as a leader in sustainability.

What is the significance of the First Movers Coalition's market cap representation?

The coalition represents around $8.5 trillion in market cap, underscoring significant corporate commitment to addressing climate change and transitioning to sustainable technologies.

What are Johnson Controls' long-term emission reduction goals?

Johnson Controls aims for net zero Scope 1 and 2 emissions by 2040 and is focused on meeting its targets well ahead of the Paris Climate Agreement deadlines.