BP (NYSE: BP) and CEMEX, S.A.B. de C.V. (NYSE: CX) have revealed that they will work together to accelerate the progress of CEMEX’s 2050 ambition to deliver net zero CO2 concrete globally.
The two companies agreed to a memorandum of understanding to develop solutions to decarbonize the cement production process and transportation. BP said these potential solutions may include low carbon power, low carbon transport, energy efficiency, natural carbon offsets, and carbon capture, utilization, and storage technologies.
The companies also intend to work together to develop urbanization solutions envisioned to decarbonize cities, BP noted.
“At BP, we want to help ‘greening companies’ meet their sustainability aims just as we are trying to do in our own company,” William Lin, the executive vice president of regions, cities, and solutions at BP, said in a company statement.
“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,” he added.
“Now is the time to work together on the path to net-zero and along the way generate mutual value,” Lin went on to say.
Juan Romero, the executive vice president sustainability, commercial, and operations development at CEMEX, said, “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,” he added.
“This initiative with BP is another example of the work we are doing with partners across industries, academia, and start-ups 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,” Ramon continued.
