CEMEX says its Executive Variable Compensation program, which includes progress on its ambitious carbon reduction goals as a variable, will be expanded to cover more than 4,500 executives.
The initiative is part of the Mexican building materials giant's Future in Action program, focusing on reducing the carbon footprint of CEMEX's operations and products to become a net-zero CO2 company by 2050.
The CO2 emissions component impacts from -10% to +10% in the total cash payout of the Annual Executive Variable Compensation.
"We are steadfast in our commitment to become a net-zero CO2 company by 2050," says Fernando A. Gonzalez, CEO of CEMEX. "This decisive step reinforces our commitment, raises awareness and aligns our entire organization towards our carbon action roadmap and building a greener, more sustainable company."
CEMEX's 2030 goals include a detailed roadmap validated by the Science Based Targets Initiative (SBTi). The company has already shown significant progress against these goals. In 2021, CEMEX achieved its largest ever annual reduction in CO2 emissions, decreasing emissions by 4.7% versus the previous year.
CEMEX returned strong results for the first quarter of 2022, with consolidated net sales and EBITDA (earnings before interest, taxes, depreciation, and amortisation) growing 13% to US$%3,770 million and 3% to $691 million, respectively, year-on-year, despite a challenging cost environment.
The building materials multinational says growth was led by a 12% increase in cement prices in like-to-like terms, 8% in ready-mix, and 7% in aggregates. All regions contributed to pricing gains.
