CEMEX Is Founding Member of World Economic Forum’s “First Movers Coalition” to Drive Demand for Zero Carbon Technologies
November 04 2021 - 11:15AM
Business Wire
CEMEX, S.A.B. de C.V. (“CEMEX”) announced today that it is a
founding member of the First Movers Coalition (“FMC”), a new
initiative launched at COP26 that unites more than two dozen of the
world’s leading companies to accelerate innovation and the
development of early-stage decarbonization technologies by
leveraging their combined purchasing power. The FMC brings together
business leaders with global footprints to create market demand for
zero carbon solutions in this decade and jump-start the scaling of
these emerging technologies.
The coalition is a partnership between the World Economic Forum
and the US Office of the Special Presidential Envoy for Climate
John Kerry. It is the only buyers club working to scale new
technologies across the heavy industry and heavy-duty transport
sectors.
According to International Energy Agency (“IEA”), roughly half
of the emission reductions needed to reach the critical 2050
climate target of keeping the global temperature increase under 1.5
degrees Celsius, when compared to pre-industrial levels, rely on
new and emerging technologies. The FMC will create new markets and
promote growth by leveraging collective demand and purchasing
commitments for zero emission goods and services by 2030.
“With its Future in Action program, CEMEX is committed to lead
on the road to carbon neutrality. We are proud to join forces with
the World Economic Forum and other global companies to accelerate
the development of critical new decarbonizing technologies. Our
shared goals and the investments announced today would not be
possible without the steadfast leadership shown throughout this
process by Special Presidential Envoy for Climate John Kerry and
the World Economic Forum,” said CEMEX CEO Fernando A. González.
The coalition will work across eight key sectors. Seven of these
sectors —steel, cement, aluminum, chemicals, shipping, aviation,
and trucking—account for more than a third of global carbon
emissions, but do not currently have cost-competitive energy
alternatives to fossil fuels.
“These companies will be critical partners in pushing for
commercially viable alternatives to decarbonize these industrial
sectors and more,” US President Joe Biden noted during a speech at
the “Accelerating Clean Technology Innovation and Deployment” event
at COP26 Tuesday.
“Technology has given us the tools to reduce our emissions and
build a stronger and more inclusive economy of the future,” said
Børge Brende, President of the World Economic Forum. “For
innovators and investors to play their part in tackling the climate
crisis, they need clear market demand. The First Movers Coalition
will leverage the collective purchasing power of leading companies
and drive the need for these technologies.”
Under its Future in Action program, CEMEX has committed to the
most aggressive 2030 decarbonization goals in the heavy building
materials industry, and its ambition to deliver net zero CO2
concrete globally by 2050. While the program relies on proven
technology to reach its 2030 goals, it includes a focus on
innovation and partnership to develop and scale the new
technologies needed to fully decarbonize the cement and concrete
businesses by 2050. Among them are investments in solar fuel
pioneer Synhelion, and agreements with Volvo for electro-mobility
solutions and BP to collaborate on potential solutions including
clean electricity and low carbon fuels and transportation.
In addition to being a founding member of the FMC, CEMEX has
joined the United Nation’s Race to Zero campaign and the Business
Ambition for 1.5oC coalition. The company validated its 2030
emissions targets under the most aggressive industry pathway of the
Science-Based Targets initiative for 2030 currently available.
To learn more about the FMC, other founding members, and watch a
replay of the launch event during COP26 in Glasgow, visit
https://www.weforum.org/first-movers-coalition.
CEMEX (NYSE: CX) 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 use 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: cemex.com.
CEMEX assumes no obligation to update or correct the information
contained in 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. 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. 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 the content of any
third-party website or webpage referenced to or accessible through
this press release.
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version on businesswire.com: https://www.businesswire.com/news/home/20211104005877/en/
Media Relations Jorge Pérez +52 (81) 8259-6666
jorgeluis.perez@cemex.com
Analyst and Investor Relations Alfredo Garza / Fabián
Orta +1 (212) 317-6011 +52 (81) 8888-4327 ir@cemex.com
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