CEMEX enters groundbreaking carbon utilization agreement - CEMEX enters groundbreaking carbon utilization agreement
February 23, 2023
CEMEX, S.A.B. de C.V. (“CEMEX”) announced today that it has signed an agreement with green fuels producer ETFuels, to transform CO2 from CEMEX’s Alicante cement plant in Spain into green fuels. This carbon utilization project, groundbreaking in its scope and potential contribution to European energy security, demonstrates significant progress in testing and scaling technologies that are designed to contribute to accelerating decarbonization efforts in the cement production process.
Under this agreement, ETFuels will combine up to 450,000 metric tons of captured CO2 annually with green hydrogen to produce more sustainable fuels in the form of green methanol (e-methanol). CEMEX is evaluating several strategies and partners to perform CO2 capture for this project.
“Our goal of reaching net-zero CO2 emissions is achievable and will be driven by collaboration and innovation,” said Fernando A. González, CEO of CEMEX. “Our decarbonization roadmap includes reducing emissions to the lowest possible level through proven levers such as clinker substitution and alternative fuels. New levers, such as rapidly developing CCUS initiatives, must effectively tackle the remaining CO2 emissions to hit our ambitious 2050 objectives.”
Turning carbon into more sustainable fuels has several potential benefits for the region, including increased energy security, reduced fossil fuel dependency, job creation, and increased private investment. The fuel produced through this agreement is intended to be used in the shipping industry, with the goal of further reducing overall carbon emissions in the global supply chain.
“ETFuels is honored to work with the CEMEX team in our joint ambition for decarbonization of industry. This pioneering fuel production project combined with Carbon Capture and Utilization presents a scalable way to decarbonize supply chains and aligns fully with our vision to deliver energy transition at hyperscale with commercially viable solutions,” said Lara Naqushbandi, CEO of ETFuels.
This initiative is part of a more extensive portfolio of CEMEX Carbon Capture, Utilization, and Storage (“CCUS”) solutions including permanent storage or use of CO2 from biogenic sources and contributes to CEMEX’s 2050 net-zero emissions target. CCUS is part of the roadmap for Future in Action, CEMEX's sustainability and decarbonization program through which it has achieved record-breaking progress in reducing its carbon footprint since its launch in 2020.
ETFuels aims to be Europe’s largest and lowest cost producer of green fuels through pioneering a new model, disrupting current decarbonization approaches to provide Europe with a pathway to energy security. We are building a platform to unleash the full potential of renewable energy at scale, by transforming how energy is produced and distributed, and ultimately how fuels are created and consumed. ETFuels will deliver energy transition at hyperscale.
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: www.cemex.com
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, uncertainties, and assumptions that could cause actual results to differ materially from CEMEX’s expectations, including, among others, risks, uncertainties, and assumptions discussed in CEMEX's most recent annual report and detailed from time to time in CEMEX’s other filings with the Securities and Exchange Commission, which factors are incorporated herein by reference, which if materialized could ultimately lead to CEMEX, including the project referred herein, not producing the expected benefits and/or results. These factors may be revised or supplemented, but CEMEX is not under and expressly disclaims, any obligation to update or correct this press release or any forward-looking statement contained herein, whether as a result of new information, future events, or otherwise. Any or all of CEMEX’s forward-looking statements may turn out to be inaccurate. Accordingly, undue reliance on forward-looking statements should not be placed, as such forward-looking statements speak only as of the dates on which they are made. 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, nor for any quote from any third-party contained herein.
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