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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