Cemex and MPP collaborate to accelerate decarbonization projects

Rhea-AI Summary

Cemex collaborates with the Mission Possible Partnership and the Bezos Earth Fund to analyze decarbonization levers at its Balcones cement plant in Texas. The partnership aims to accelerate Cemex's commitment to achieving net-zero CO2 emissions by 2050 by exploring various technological pathways such as alternative fuels, lower-carbon materials, carbon capture and storage, and the utilization of captured carbon for synthetic fuels or construction materials.

CEO Fernando A. González highlights the importance of leveraging scalable technologies to meet ambitious decarbonization goals. The partnership focuses on addressing the high heat required in cement production by exploring substitutes for fossil fuels, including waste, renewable gas, biomass, hydrogen, and electrification of kilns. MPP drives industrial decarbonization in heavy-emitting sectors like cement and concrete, collaborating with partners to enable deep decarbonization projects at a commercial scale.

This collaboration aligns with Cemex's Future in Action program, which aims to achieve sustainable excellence through climate action, circularity, and resource management, with the goal of becoming a net zero CO2 company by 2050. Cemex has made significant progress in decarbonization, reducing specific CO2 emissions by 13% and 12% in Scope 1 and 2, respectively, since 2020.

Positive

• Cemex collaborates with MPP and the Bezos Earth Fund to accelerate decarbonization efforts at the Balcones cement plant, aiming to achieve net-zero CO2 emissions by 2050.
• The partnership explores various technological pathways to decarbonize the cement industry, including alternative fuels, lower-carbon materials, carbon capture and storage, and the utilization of captured carbon for synthetic fuels or construction materials.
• Cemex's collaboration with MPP aligns with its Future in Action program, focusing on sustainable excellence through climate action, circularity, and natural resource management, with the goal of becoming a net zero CO2 company by 2050.
• Cemex has achieved significant progress in decarbonization, reducing specific CO2 emissions by 13% and 12% in Scope 1 and 2, respectively, since 2020.

Negative

• The high heat required in cement production poses a key challenge to decarbonizing the industry, requiring the exploration of technologies to substitute fossil fuels with waste, renewable gas, biomass, hydrogen, and electrification of kilns.

• Cemex and the Mission Possible Partnership collaborate on an analysis of decarbonization levers in partnership with the Bezos Earth Fund.

MONTERREY, Mexico, May 13, 2024 /PRNewswire/ -- Cemex and the Mission Possible Partnership (MPP), in partnership with the Bezos Earth Fund, are collaborating to conduct an analysis of the potential of decarbonization levers at Cemex's Balcones cement plant in Texas. This analysis aims to accelerate Cemex's commitment to achieving net-zero CO2 emissions by 2050.

There are various technological pathways to decarbonize the cement industry and MPP is assisting Cemex in evaluating these pathways at the production plant level, which includes the use of alternative fuels, incorporation of lower-carbon materials, carbon capture and storage, and the utilization of captured carbon to produce synthetic fuels, chemicals, or construction materials.

"Our collaboration with the Mission Possible Partnership represents a joint effort seeking to accelerate our sustainable commitments and comprehensively evaluate the extent to which we can utilize decarbonization levers within a specific plant ecosystem," said Fernando A. González, CEO of Cemex. "This involves leveraging scalable technologies that would contribute to achieving our ambitious decarbonization goals on the path to becoming a net-zero company by 2050."

The high heat required in cement production is a key challenge to decarbonizing the cement industry. Cemex and MPP are exploring technologies that can substitute fossil fuels traditionally used to heat kilns with waste, renewable gas, biomass, hydrogen, and electrification of the kilns as they strive for a more sustainable industrial production process.

MPP is driving industrial decarbonization across the entire value chain of the world's heaviest-emitting industry and transport sectors, including cement and concrete. Having created a series of transition strategies for reaching net zero emissions in these sectors, it is orchestrating collaboration with an expanding network of partners to enable commercial-scale deep decarbonization projects. Cemex is proud to partner with MPP in advancing decarbonization in the cement and concrete sector.

This partnership with MPP aligns with Cemex's Future in Action program, which focuses on achieving sustainable excellence through climate action, circularity, and natural resource management with the primary objective of becoming a net zero CO2 company by 2050. Through Future in Action, Cemex has achieved record-breaking progress in decarbonization. Since 2020, Cemex has reduced Scope 1 and 2 specific CO2 emissions by 13% and 12%, respectively, a pace that would have taken 15 years to accomplish previously.

About Mission Possible Partnership
Mission Possible Partnership (MPP) is a movement of climate leaders in business and civil society driving industrial decarbonization across the entire value chain of the world's highest-emitting sectors: aluminum, cement, chemicals, steel, aviation, shipping, and trucking. MPP is charting the inventive steps and radical collaboration to enable commercial-scale deep decarbonization projects in this decisive decade.

About Cemex
Cemex is a global construction materials company that is building a better future through sustainable products and solutions. Cemex is committed to achieving carbon neutrality through relentless innovation and industry-leading research and development. Cemex is at the forefront of the circular economy in the construction value chain and is pioneering ways to increase the use of waste and residues as alternative raw materials and fuels in its operations with the help of new technologies. Cemex offers cement, ready-mix concrete, aggregates, and urbanization solutions in growing markets around the world, powered by a multinational workforce focused on providing a superior customer experience enabled by digital technologies. For more information, please visit: www.cemex.com.

Except as the context otherwise may require, references in this press release to "Cemex," "we," "us," "our," refer to Cemex, S.A.B. de C.V. (NYSE: CX) and its consolidated subsidiaries. This press release contains 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. 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, unless otherwise indicated. These statements necessarily involve risks, uncertainties, and assumptions that could cause actual results to differ materially from Cemex's expectations, including, among others, risks, uncertainties, and assumptions discussed in Cemex's most recent annual report and detailed from time to time in Cemex's other filings with the U.S. Securities and Exchange Commission and the Mexican Stock Exchange (Bolsa Mexicana de Valores), which factors are incorporated herein by reference, which if materialized could ultimately lead to Cemex's expectations, expected results, the project referred in this press release not producing the expected benefits and/or results. Forward-looking statements should not be considered guarantees of future performance, nor the results or developments are indicative of results or developments in subsequent periods. These factors may be revised or supplemented, and the information contained in this press release is subject to change without notice, but Cemex is not under, and expressly disclaims, any obligation to update or correct this press release or revise any forward-looking statement contained herein, whether as a result of new information, future events or otherwise, or to reflect the occurrence of anticipated or unanticipated events or circumstances. Any or all of Cemex's forward-looking statements may turn out to be inaccurate. Accordingly, undue reliance on forward-looking statements should not be placed, as such forward-looking statements speak only as of the dates on which they are made. The content of this press release is for informational purposes only, and you should not construe any such information or other material as legal, tax, investment, financial, or other advice. Cemex is not responsible for any third-party information included or referenced in this press release.

There is currently no single globally recognized or accepted, consistent, and comparable set of definitions or standards (legal, regulatory, or otherwise) of, nor widespread cross-market consensus i) as to what constitutes, a 'green', 'social,' or 'sustainable' or having equivalent-labelled activity, product, or asset; or ii) as to what precise attributes are required for a particular activity, product, or asset to be defined as 'green', 'social,' or 'sustainable' or such other equivalent label; or iii) as to climate and sustainable funding and financing activities and their classification and reporting. Therefore, there is little certainty, and no assurance or representation is given that such activities and/or reporting of those activities will meet any present or future expectations or requirements for describing or classifying funding and financing activities as 'green', 'social', or 'sustainable' or attributing similar labels. We expect policies, regulatory requirements, standards, and definitions to be developed and continuously evolve over time.

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SOURCE Cemex USA

FAQ

What is the collaboration between Cemex, MPP, and the Bezos Earth Fund about?

The collaboration aims to analyze decarbonization levers at Cemex's Balcones cement plant in Texas to accelerate efforts towards achieving net-zero CO2 emissions by 2050.

How does Cemex plan to achieve its decarbonization goals?

Cemex plans to explore various technological pathways such as alternative fuels, lower-carbon materials, carbon capture and storage, and the utilization of captured carbon for synthetic fuels or construction materials.

What is MPP's role in the partnership?

MPP drives industrial decarbonization in heavy-emitting sectors like cement and concrete, collaborating with partners to enable deep decarbonization projects at a commercial scale.

What is Cemex's Future in Action program?

Cemex's Future in Action program focuses on achieving sustainable excellence through climate action, circularity, and natural resource management with the goal of becoming a net zero CO2 company by 2050.

What progress has Cemex made in decarbonization since 2020?

Cemex has reduced specific CO2 emissions by 13% and 12% in Scope 1 and 2, respectively, since 2020.