CEMEX’S OPERATIONS IN EUROPE ANNOUNCE A CO2 REDUCTION TARGET OF AT LEAST 55% BY 2030
Monterrey, Mexico. SEPTEMBER 24, 2020 – CEMEX, S.A.B. de C.V. (“CEMEX”) (NYSE: CX) announced today that it is the first company in its sector to target a CO2 reduction in its European operations of at least 55% by 2030. CEMEX welcomes the recent commitment from European Commission President Ursula von der Leyen’s landmark State of the Union address and is pleased to align with the new European Union (“EU”) aspirations and targets.
CEMEX’s European operations expect to reach the target of a 35% reduction in carbon emissions from cementitious materials by the end of 2020, a decade ahead of CEMEX´s 2030 global commitment outlined in its Climate Action strategy announced in February of this year.
CEMEX is perfectly positioned in Europe to lead the construction materials sector in cutting emissions following many years of diligent carbon reduction and alignment with EU regulations and environmental policies. CEMEX has driven the conversion away from fossil fuels to alternative fuel sources in its factories, with substitution rates now at 60% – significantly higher than the European average of around 40%.
CEMEX has led the innovation in lower carbon products in Europe by introducing the first carbon-neutral concrete, “Vertua®,” in the United Kingdom and France. It will be gradually available in other countries where CEMEX operates. CEMEX’s customers and investors respect our passion for delivering a fundamental change in carbon reduction, helping to ensure a carbon-neutral future for the next generation.
“We welcome the clarification from the European Commission President and are proud to be the first building materials company to align with the commitment. We look forward to advancing investment, research and development to decarbonize our operations,” said Fernando A. Gonzalez, CEO of CEMEX. “Our European business operates in an environment that has driven continuous improvement, and as a result, by the end of this year, we expect to have reduced our carbon emissions by 35% compared to the 1990 baseline. I am very proud of the resourcefulness and determination of our team to hit this milestone in Europe ten years ahead of the CEMEX global 2030 target.”
In February 2020, CEMEX announced a new Climate Action strategy explaining the company´s vision to advance towards a carbon-neutral economy and to address society’s increasing demands more efficiently. CEMEX believes that climate change is one of the biggest challenges of our time and supports the urgency of collective action.
As a result of efforts to that date, CEMEX reduced net specific CO2 emissions by more than 22% compared to the 1990 baseline. CEMEX also defined a more ambitious target of a 35% reduction of net specific CO2 emissions per ton of cementitious product by 2030. This new goal is aligned with the 2-degree scenario, a requirement climate science says is necessary to meet the goals of the Paris Agreement.
To complement this strategy with a longer-term vision, CEMEX also established a new ambition to deliver net-zero CO2 concrete globally by 2050. In our business, we believe concrete—our end-product—has a key role to play in the transition to a carbon-neutral economy and is an essential component in the development of climate-smart urban projects, sustainable buildings, and resilient infrastructure.
CEMEX assumes no obligation to update or correct the information contained in this press release. CEMEX is not responsible for the content of any third-party website or webpage referenced to or accessible through this press release. 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. 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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