CEMEX, S.A.B. de C.V. ('CEMEX') (NYSE: CX) announced today that the company will move ahead with its Climate Action Strategy and continue advancing towards its vision of a carbon-neutral economy by effectively addressing society's increasing demands to mitigate climate change.
In February 2020, CEMEX defined an ambitious new 2030 target of a 35% reduction of its net specific CO2 emissions per ton of cementitious product compared with its 1990 baseline, aligned with the IEA technology roadmap for the cement sector to fulfill the Paris Agreement's commitment under a 2-Degree Scenario. Additionally, the company established a new ambition to deliver net-zero CO2 concrete globally to all of its customers by 2050.
'Climate change is one of the biggest challenges of our time, and we believe that we can continue to address it as a fundamental component of our efforts to recover from the COVID-19 pandemic,' said Fernando A. Gonzalez, CEO of CEMEX. 'We're capable of capturing this unique opportunity to build a better, more sustainable future, leveraging our robust experience in sustainability, health, and safety.'
To fulfill the company's new 2030 target, CEMEX has developed a detailed CO2 roadmap for each of its manufacturing plants to accelerate the rollout of proven technologies worldwide. To do so , CEMEX aims to reduce CO2 emissions in clinker through the production of novel clinkers with lower heat consumption, the use of alternative decarbonated raw materials, and the increased use of alternative fuels. CEMEX also aims to reduce CO2 emissions in cement by increasing the substitution of clinker with alternative cementitious materials, using admixtures to enhance strength, and adopting new grinding technologies to improve performance. Complementarily, CEMEX continues to reduce CO2 emissions in its power supply by increasing the use of renewable energy.
Furthermore, the company's net-zero CO2 concrete ambition for 2050 sets a path of open innovation that requires strategic partnerships and cross-industry collaboration to develop breakthrough technologies. That is why CEMEX is working in the research and development of carbon capture, utilization, and storage solutions and new ways of producing clinker with solar fuels. CEMEX is also working to reduce emissions in its concrete and aggregates businesses through the fast carbonation of concrete waste that is converted into recycled aggregates and the promotion of circular economy models that transform waste into fuel and alternative raw materials. Notably, CEMEX currently consumes as either alternative fuel or alternative raw material 32 times more waste from other industries than the waste it generates and sends to landfill. Finally, CEMEX is also working to reduce emissions in the construction value chain by providing materials for energy-efficient buildings, using alternative low CO2 transportation for raw materials and products, and promoting reforestation as a carbon sink.
Overall, the measures previously announced by CEMEX to mitigate the effects of COVID-19 pandemic on CEMEX's business are not expected to delay the implementation of CEMEX's Climate Strategy and its more ambitious goals.
For more information on the company's Climate Action Strategy, please visit: www.cemex.com/climate-action
CEMEX is a global building materials company that provides high-quality products and reliable services. CEMEX has a rich history of improving the well-being of those it serves through innovative building solutions, efficiency advancements, and efforts to promote a sustainable future. For more information, please visit: www.cemex.com
This press release contain forward-looking statements within the meaning of the U.S. federal securities laws. CEMEX intends these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. federal securities laws. In some cases, these statements can be identified by the use of forward-looking words such as 'may,' 'assume,' 'might,' 'should,' 'could,' 'continue,' 'would,' 'can,' 'consider,' 'anticipate,' 'estimate,' 'expect,' 'plan,' 'believe,' 'foresee,' 'predict,' 'potential.' 'target,' 'strategy,' 'intend' or other similar words. These forward-looking statements reflect CEMEX's current expectations and projections about future events based on CEMEX's knowledge of present facts and circumstances and assumptions about future events, as well as CEMEX's current plans based on such facts and circumstances. These statements necessarily involve risks and uncertainties that could cause actual results to differ materially from CEMEX's expectations.
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