- Cemex was recognized for its innovative VeryNile initiative in Egypt and placed in the 24th position out of 52 ranked companies.
Cemex announced today that it has been included in Fortune’s 2024 Change the World list. The list, selected by Fortune reporters and editors from a list of about 250 companies, showcases businesses that are having a positive social impact through activities that are part of their core business strategy. Cemex is receiving this distinction for the fourth time.
Fortune recognized Cemex’s work with VeryNile in cleaning the Nile River and developing a more sustainable solution for the collected waste. VeryNile is an initiative supported by the Ministry of the Environment in Egypt that develops eco-friendly solutions to remove inorganic waste from the Nile River. Plastics recovered from the river are upcycled, and non-recyclable waste is used as alternative fuel in Cemex’s Assiut cement plant, alleviating pollution issues in the local ecosystem and improving water quality for the community while also providing 150 alternative jobs and income for fishermen and women affected by Nile contamination.
"We are once again honored by Fortune’s recognition of our sustainable business model, which aligns environmental conservation with social empowerment," said Fernando A. González, CEO of Cemex.” “The VeryNile initiative exemplifies how companies can collaborate with NGO’s and society to change the world for the better.”
Cemex’s social impact strategy focuses on making a positive, lasting difference in cities and communities worldwide by supporting local economies, building resilient communities, and empowering people through skills development for employability and entrepreneurship. Cemex implements this strategy in collaboration with community leaders and local stakeholders.
In 2020, Fortune recognized Cemex for building mobile hospitals with antibacterial concrete modules in record time during the COVID-19 pandemic. The ‘Our Growing Platform’ initiative was awarded in 2017 for collaboratively addressing the challenges of housing and inequality in vulnerable communities. Two years earlier, in 2015, Cemex was honored for its ‘Patrimonio Hoy’ program, which provides low-income families with access to building materials, microfinancing, technical advice, and logistical support to help them build their homes.
The Fortune Change the World list highlights companies that use their innovative capabilities to tackle social challenges, leveraging business success to pursue goals that are as crucial as, or even more important than, financial gains. This year, companies were clustered into four groups, with some falling into multiple categories: environmental impact, economic opportunity, public health, and human rights. In assessing the nominees, the most critical factors considered were measurable social impact, business results, and the degree of innovation.
This year's list includes 30 from North America, 12 from Europe, 8 from Asia and Australia, one from Africa, and one from South America.
The full Fortune 2024 Change the World list is available at: https://fortune.com/ranking/change-the-world/.
About Cemex
Cemex 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 help 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.
Except as the context otherwise may require, references in this press release to “Cemex,” ”we,” ”us,” ”our,” refer to Cemex, S.A.B. de C.V. (NYSE: CX) and its consolidated subsidiaries. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend these forward-looking statements to be covered by the “safe harbor” provisions for forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995. 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, unless otherwise indicated. 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 U.S. Securities and Exchange Commission and the Mexican Stock Exchange (Bolsa Mexicana de Valores), which factors are incorporated herein by reference, which if materialized could ultimately lead to Cemex’s expectations and/or expected results not producing the expected benefits and/or results. Forward-looking statements should not be considered guarantees of future performance, nor the results or developments are indicative of results or developments in subsequent periods. These factors may be revised or supplemented, and the information contained in this press release is subject to change without notice, but Cemex is not under, and expressly disclaims, any obligation to update or correct this press release or revise any forward-looking statement contained herein, whether as a result of new information, future events or otherwise, or to reflect the occurrence of anticipated or unanticipated events or circumstances. 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, and expressly disclaims responsibility for, the content of any third-party website or webpage referenced to or accessible through this press release.
There is currently no single globally recognized or accepted, consistent, and comparable set of definitions or standards (legal, regulatory, or otherwise) of, nor widespread cross-market consensus i) as to what constitutes, a ‘green’, ‘social,’ or ‘sustainable’ or having equivalent-labelled activity, product, or asset; or ii) as to what precise attributes are required for a particular activity, product, or asset to be defined as ‘green’, ‘social,’ or ‘sustainable’ or such other equivalent label; or iii) as to climate and sustainable funding and financing activities and their classification and reporting. Therefore, there is little certainty, and no assurance or representation is given that such activities and/or reporting of those activities will meet any present or future expectations or requirements for describing or classifying funding and financing activities as ‘green’, ‘social’, or ‘sustainable’ or attributing similar labels. We expect policies, regulatory requirements, standards, and definitions to be developed and continuously evolve over time.
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