Promising medium-term outlook expected and aggressive new 2030 decarbonization goals set
DURING the company’s annual investors and analyst day (16 November), CEMEX announced they are expecting a promising medium-term outlook for their markets, bolstered by fiscal stimulus packages in the US and Europe related to infrastructure and green spending as countries continue investing in transitioning to a lower-carbon economy. The company also used the occasion to announced aggressive new 2030 decarbonization goals, spurred by record-breaking CO2 reductions in the past two years.
Speaking at CEMEX Day 2022, chief executive officer Fernando González said: ‘In the past three years, our business has proven its immense resilience in the face of a global pandemic, historic inflation, and supply chain disruptions. I am incredibly proud of how we have navigated the extraordinary developments of the last few years. With the highest inflation in 40 years, we have been successful in recovering costs in dollar terms.
‘In 2023, however, we must develop our pipeline of growth projects while we continue our efforts to recover margins as some cost headwinds, particularly in Europe, are still ahead of us. Our growth, climate action, and digital strategies, coupled with our Urbanization Solutions business will provide a strong base for growth over the medium term.’
CEMEX also announced the goals of their new 2030 roadmap, which include a 47% reduction* in CO2 per tonne of cementitious material and a commitment to reach 65% consumption of clean electricity by 2030. Additionally, for the first time, CEMEX have set ambitious goals for scope 3 emissions, showing the company’s commitment to decarbonize its entire value chain.
‘Our products are essential for the well-being and development of humanity, and I am convinced that the transition to a net-zero industry is feasible,’ added Mr González. ‘Moreover, the journey to decarbonization can be profitable, as our customers reward those companies that are leaders in this global transition.’
CEMEX launched their Future in Action programme in March 2021, to build a more sustainable, circular future, with the primary objective of becoming a net-zero CO2 company. Since then, CEMEX have achieved record-breaking CO2 reductions, and their performance to date has given them the confidence that they can achieve a more accelerated pathway for 2030.
CEMEX have now committed to the following 2030 goals vs a 2020 baseline:
Reduction in scope 1 emissions of 31% per tonne of cementitious material
Reduction in scope 2 emissions of 58% per tonne of cementitious material
Reduction in scope 3 emissions of 25% per tonne of purchased clinker and cement
Reduction in scope 3 emissions of 40% per tonne of purchased fuels
Reduction of 42% in absolute scope 3 emissions from the use of traded fuels
Reduction of 30% in scope 3 emissions from upstream transportation and distribution per tonne of materials transported.
* Net emission vs 1990 baseline