bp and CEMEX team up on net-zero emissions - bp and CEMEX team up on net-zero emissions
May 13, 2021
- bp and CEMEX aim to develop solutions to decarbonize the cement production process and transportation.
- CEMEX and bp have aligned ambitions to arrive to net-zero emissions by 2050 or sooner.
bp (“bp”) and CEMEX, S.A.B. de C.V. (“CEMEX”) (NYSE: CX) announced today that they will work together on accelerating the progress of CEMEX’s 2050 ambition to deliver net-zero CO2 concrete globally.
The two companies have agreed to a memorandum of understanding to develop solutions to decarbonize the cement production process and transportation. These potential solutions may include low-carbon power, low-carbon transport, energy efficiency, natural carbon offsets, and carbon capture utilization and storage technologies. Additionally, they intend to work together to develop urbanization solutions envisioned to decarbonize cities.
“Concrete plays an integral role in society, and there are no substitutes for its key attributes, strength, and resilience. We believe it will continue to have a critical role in a low carbon economy, and the challenge for the industry is to find solutions to the manufacturing process emissions,” said Juan Romero, Executive Vice President Sustainability, Commercial, and Operations Development of CEMEX. “This initiative with bp is another example of the work we are doing with partners across industries, academia, and startups to tap into the latest innovation and disruptive technology to achieve our ambition of delivering net-zero CO2 concrete globally to all of our customers.”
William Lin, bp’s executive vice president, regions, cities & solutions (RC&S), said: “At bp, we want to help ‘greening companies’ meet their sustainability aims just as we are trying to do in our own company. We know that 70 percent of global emissions come from transport, industry and energy and that cement making is energy intensive. Teaming up with progressive companies like CEMEX, that share a net-zero ambition and have complementary capabilities, will help speed up the decarbonization of the industry and the energy system. Now is the time to work together on the path to net-zero and along the way generate mutual value.”
Helping cities and corporations to decarbonize is a core part of bp’s long-term strategy. The RC&S team aims to build enduring relationships with cities and corporations around the world to offer bespoke, integrated and decarbonized energy solutions to complex energy needs – providing energy that is clean, reliable – and also affordable. And to decarbonize high-tech, consumer products, heavy transport, and heavy industry sectors – working with companies that currently have significant carbon emissions to manage and share bp’s net zero ambition.
Angélica Ruiz, bp’s head of country for Mexico and senior vice president for Latin America, said: “We’re proud to collaborate with a global company that shares our goal to transition to a more sustainable future. CEMEX is taking a leading role in decarbonizing the global cement industry, setting a fast pace of progress in all regions, including Mexico and Latin America. Our collaboration with CEMEX is another step towards our ambition to be a net-zero company by 2050 or sooner and help the world to get to net-zero.”
bp’s purpose is to reimagine energy for people and our planet. It has set out an ambition to be a net zero company by 2050, or sooner and help the world get to net zero, and a strategy for delivering on that ambition. Partnering with countries, cities and corporations to provide innovative energy, mobility and decarbonization solutions as they shape their paths to net zero is a core part of this strategy. For more information visit bp.com
CEMEX is a global building materials company that provides high-quality products and reliable services. CEMEX has a rich history of improving the well-being of those it serves through innovative building solutions, efficiency advancements, and efforts to promote a sustainable future. For more information, please visit: www.cemex.com
The content of this press release is for informational purposes only, and you should not construe any such information or other material as advice to invest in CEMEX, or as legal, tax, investment, financial, or other advice. This press release contains forward-looking statements and information that are necessarily subject to risks, uncertainties, and assumptions. These forward-looking statements reflect CEMEX and its direct and indirect subsidiaries (the “CEMEX Group”, CEMEX inclusive) current expectations and projections about future events based on the CEMEX Group’s knowledge of present facts and circumstances and assumptions about future events, as well as the CEMEX Group’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 the CEMEX Group’s expectations. No assurance can be given that the investment described herein will be consummated or as to the ultimate terms of any such investment. Many risks, uncertainties, and other important factors could cause the actual results, performance, or achievements of the CEMEX Group to be materially different from those expressed or implied in this press release. You are urged to carefully consider the risks, uncertainties, and other factors that affect the CEMEX Group’s business and operations and should review future reports and press releases filed by CEMEX with the Mexican National Banking and Securities Commission, the Mexican Stock Exchange, and the U.S. Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may vary materially from those described herein. CEMEX assumes no obligation to, and will not, update or correct the information contained in this press release.
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