Alignment with SBTi Net-Zero Standard provides confidence company on right path to net zero
CEMEX announced today that they have validated their 2050 net-zero CO2 target through the Science Based Targets initiative (SBTi), becoming one of the first companies in the industry to do so.
The validation accounts for CEMEX’s short-term 2030 targets, previously validated by the SBTi for alignment with their 1.5C scenario, and long-term targets along their entire value chain.
CEMEX say the alignment of their roadmap to SBTi’s Net-Zero Standard reflects their confidence that they are on the right path to net zero and to contribute meaningfully to the world’s 2050 goal.
One of the key requirements to reach the SBTi’s Net-Zero Standard is aggressive carbon reductions across a company’s entire value chain, including emissions produced by their own processes (scope 1), consumed electricity (scope 2), and generated by a company’s suppliers and end-users (scope 3).
‘The construction industry is essential to the development and well-being of society, and its transition to carbon neutrality is achievable,’ said Fernando A. González, chief executive officer of CEMEX. ‘The SBTi’s validation of our decarbonization target attests to this as well as the strength of our commitment to achieve the most aggressive CO2 reduction goals.’
The SBTi is a partnership between the CDP, the United Nations Global Compact, World Resources Institute (WRI), and the World Wide Fund for Nature, and one of the most recognized bodies for scientific evaluation of corporate decarbonization roadmaps.
CEMEX, the largest concrete producer in the western world, as well as a global leader in cement production, 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 the launch, the company has achieved record-breaking CO2 reductions.
Innovation is a key component of CEMEX’s Future in Action programme, especially in the carbon capture, utilization, and storage (CCUS) technology space. CCUS can be the final step to reaching net-zero CO2 after current levers, which rely on existing and proven technologies, are maximized to their fullest potential.
CEMEX are currently running several CCUS innovation projects that aim to accelerate the creation of new technologies and to enable the implementation of current ones at an industrial scale. In total, CEMEX’s current portfolio of CCUS projects has the potential to avoid more than 3 million tonnes of carbon emissions a year. CEMEX’s CCUS roadmap is part of the SBTI’s validation.