An unprecedented $12 billion was committed by a coalition of global big business to push the 2030 agenda to decarbonize the planet by funding green technologies.

The World Economic Forum and US Special Presidential Envoy for Climate announced at the ongoing 27th United Nations Climate Change Conference in Egypt the expansion of a coalition of global companies that will purchase commitments to reduce carbon emission from mainly "cement and concrete industry and other hard-to-abate sectors".

The latest expansion of the First Movers coalition, made up of 65 companies with a collective market value of approximately $8 trillion, focuses on cleaning up one of the world's most carbon-intensive industry sectors through purchasing commitments for low-carbon technology.

"Cement is the second most consumed product globally after potable water, and the demand signal that top companies have set today for near-zero concrete will drive critical investment in next-generation technologies," US Special Presidential Envoy for Climate John Kerry said.

"I am also delighted with the increased commitments we have announced across our existing long-distance transport, heavy industry and carbon removal sectors. This unprecedented $12 billion dollar demand signal will bring competitive technologies to market this decade that are needed to decarbonize so-called 'hard-to-abate' sectors of the global economy," he added.

From construction and engineering to real estate and developers, First Mover companies have committed to purchase at least 10 percent near-zero cement and concrete per year by 2030, according to the WEF.

Department of Environment and Natural Resources Secretary Ma. Antonia Yulo-Loyzaga, who heads the Philippine delegation to the Conference of the Parties of the United Nations Framework Convention on Climate Change or COP27, has pressed for developed nations to take more responsibility to avert climate catastrophe.

Yulo expressed that "the Philippine delegation in the following days will continue to assert and safeguard the country's interest in climate change negotiation, ensuring that we receive the appropriate support and assistance as a country vulnerable to climate change."

"We are one with the government in asserting our right to climate justice and reparations from historically polluting nations for what they have done. But our calls would have more force if they were backed by action to stop worse climate change," said Avril de Torres, deputy executive director of the Center for Energy, Ecology, and Development said.