Press Releases

September 28, 2020

• CEMEX has worked with the Carbon Trust to conduct an extensive and rigorous examination of its global 2030 target and roadmap.

CEMEX, S.A.B. de C.V. (“CEMEX”) (NYSE: CX) announced today that the Carbon Trust has validated its roadmap to decarbonize global operations in line with the Sectoral Decarbonization Approach (SDA) 2-degree scenario (2DS) developed by the International Energy Agency (IEA). The validated roadmap would enable the company to achieve a 35% reduction of net carbon emissions by 2030.

The validation scope included CEMEX's worldwide cement operations, with a detailed analysis of plants expected to contribute at least 80% of the direct and indirect organizational CO₂ emission reductions needed to achieve the 2030 target. The Carbon Trust assessed the technical feasibility of key technology and decarbonization levers based on guidelines defined by international institutions such as the International Energy Agency, the Cement Sustainability Initiative, and the European Climate Research Alliance. The CO₂ reduction levers included alternative fuels, decarbonated raw materials, renewable power projects, and novel cements, among others. The validation also included a thorough review of CEMEX's commitment to implement these levers based on governance mechanisms and business planning.

The analysis concluded that all the technologies considered are sufficiently mature and market ready. The right business planning is in place to achieve the results within the required time frame. The estimated CO₂ emissions reductions from planned initiatives were found to be realistic, considering plant-specific characteristics and local market conditions.

"The Carbon Trust validation confirms that CEMEX has a robust climate change strategy, the appropriate corporate governance and planning mechanisms for the implementation of a pathway to reduce our CO₂ emissions in line with the 2-degree scenario,” said Vicente Saiso, CEMEX's Director of Sustainability. "With this important validation as well as the availability of viable technology, we are even more resolved to implement our roadmap and proceed with the necessary investments. The assessment conducted by the Carbon Trust supports the work we have done to date, and we look forward to collaborating with them more in the future as we pursue even more ambitious goals.”

Aleyn Smith-Gillespie, Associate Director Advisory at the Carbon Trust said, “The magnitude and complexity of change required by a company such as CEMEX to decarbonize its global operations is significant. Our assessment provides the organization’s management, investors and stakeholders with an independent validation that its commitments are backed up by sound assumptions and planning. Our engagement with CEMEX’s internal community of decision-makers and experts, and our review of the pipeline of decarbonisation opportunities provides a foundation for the company to continue raising its climate ambition.”

The validation of CEMEX's emission reduction strategy was carried out based on limited assurance, following principles defined by the ISO 14064 part 3 of the Standard. The findings validate CEMEX's roadmap for reducing Scope 1 and 2 emissions. The assessment also concluded that technological solutions and market conditions supported the company's decarbonization pathway and that the appropriate corporate governance and business planning structures were in place to implement the strategy.

About CEMEX
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

About the Carbon Trust
Established in 2001, the Carbon Trust is an independent company with a mission to accelerate the move to a sustainable, low-carbon economy. The Carbon Trust works with businesses, governments and institutions around the world, helping them contribute to – and benefit from – a more sustainable future through carbon reduction, resource efficient strategies, and commercializing low carbon businesses and technologies. This includes assurance and verification services supporting organizations measure their environmental footprints and assess their decarbonisation strategies.

CEMEX assumes no obligation to update or correct the information contained in this press release. CEMEX is not responsible for the content of any third-party website or webpage referenced to or accessible through 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. In some cases, these statements can be identified by the use of forward-looking words such as “may,” “assume,” “might,” “should,” “could,” “continue,” “would,” “can,” “consider,” “anticipate,” “estimate,” “expect,” “plan,” “believe,” “foresee,” “predict,” “potential.” “target,” “strategy,” “intend” or other similar words. 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.