Status Update

Oct 25, 2021

It is a pleasure for me to be with you today. Before we begin, I'd like to remind you that you can share your questions and comments to the different chats and different platforms that we are transmitting or broadcasting this webinar. I'd like to share with you e mail for communications in case there are any doubts or questions. You can share them to our channel as well. This is com destermas@cargos.com.com.com.com.com.com. Now as a citizen, I just to believe that with small actions, we can contribute to the purpose of mitigating climate change, but without doubt, it's possible to such as Cementos Cargos, we can do so much more. Today, we gather in a very interesting conversation, not just for Argos, but for all of the actors of society. And it is with climate change as a challenge, it's also an opportunity, a unique one for us to move forward together in the construction of the sustainable world that we dream of. In Argos, we assume climate change is a challenge, but also as a unique opportunity for our operations and our chain of value. Today, we will address and go into detail on our strategy for climate change. We will be accompanying by Marisa de De Ferreri, Legal VP of the Sustainability of Argos, also Antoine Martinez and Thomas, Manager for Environmental and Communities Travis Reid, Executive Director for Health and Safety and Communities and also our Director for the Caribbean Region in Central America. We are a company of collaborators and external actors in 2014. We intend to publish in your social networks with the hashtag are those from your pre marketable. Whatever content you wish to publish and to welcome our global sustainability President from Aviso de Siggio's research to read about how we perceive climate change within our company. Wangya? Thank you, Daim. And Corzo, good evening to everyone. We're happy to speak to you about a subject that we're passionate about, Margos, and with which we are very committed to. And it's very important for us to be able to talk to you and have a piece of interest about these subjects because the first vision that we have, climate change is that we have to work on it together that it's not something that this individual can do on his home that we can all contribute, but it's something that hasn't been in collaboration. And so we have assumed it as a challenge and as an opportunity. And we've made a commitment to use our capacities as we can to attract the climate change, and we're seeking to contribute to competitive business and the growth of the company for U. S. Are goods of interest. And so it's been over 10, 15 years working on the reduction of our carbon footprint. And in that time, through a lot of effort, we've committed to reduce our emissions by 14% since 2006, which is our baseline year. And we have committed to work on this in three lines of action, which are in terms of medication, the reduction of our carbon emissions, direct and indirect. In terms of adaptation, we want and we've worked a lot to develop our capacities to respond efficiently to the effects of climate change to all of the situations that we, as human beings, see constantly of floods, landslides, warming, and others. And so how do we as human beings in this country develop capacity to respond to these effects? And in terms of competition, we've worked on research and development of actions for innovation, which is the capture of carbon and many others. We're constantly at work on in order to achieve our long term goals, which I will mention now in respect, we've established 2 large goals as a corporation as an industry versus that by 2030, we have the goal of reducing our CO2 emissions. And the second one, which we'll be collaborating as an industry is that by 2,050, we want to be able produce a concrete that is carbon neutral. That's a great challenge today for science, for the industry, for us as a company. But we are convinced that we can achieve this and we will deleveraging several matters. The first is the reduction of physical risks and our transition of climate change and how do we differentiate all of the opportunities associated with the application of our contracts with sustainability centers, which later on we'll be talking about. And we're very proud of them. Of course, we believe that they make a very relevant contribution to this process. The next point is how do we carry out more efficient processes, increasing productivity while decreasing our environmental impact. Another subject to be hearing about during this session is innovation, our constant search for innovation. As you can see in my background, this is one of the projects that we're very proud of, which is the microalgae project. And Kathy Augusto will be speaking about this later on. And we are, of course, applying all of our capacity for innovation to seek something that will allow us to capture that carbon and use it at a more enhanced level. Something else that we work on that we believe will be relevant in the medium term is access to mechanisms for sustainable financing. And we are so committed to climate change that we have even linked our debt and rate of interest to the fulfillment of indicators associated to sustainability and especially climate change. And so if we meet these goals that we have, I think, meeting and long term, we will have a possibility to have better cost in terms of our debt. If we don't meet those goals, then we're in big trouble. Another matter that we work on continuously, which is also a proof of leverage, is how our decisions and corporate governance decisions move or lead us toward our goals. So when we as a company are making decisions regarding production investment, how do we consider or take into account the impact in our plans in the medium and long term? So how we apply an internal price for carbon for our uses, when we're thinking of an investment, how do we determine whether that investment will have a positive impact or not in terms of climate change, whether we approve or how we perceive that investment internally that helps us to prioritize. And so to conclude and tell you that we're absolutely committed to contributing to competitiveness and growth, not just of the company, but of our groups of interest with these long term goals that I've mentioned, especially the one that we stated that we're doing towards hand in hand with industry and has been led by the Global Association of Concrete Producers, which is to have a carbon neutral concrete to have concrete history. To us, if we're able to reach these goals, then we will be creating social value to all for all of our types of interests. So with this, I conclude we're going to have an interesting conversation, and I'd like to invite all of you. Each of you has something to contribute in this process from your business, from your home, from your individualities, but also as our collectives. This consent all contribute to this purpose. Before we go into detail on the progress of our goals within our climate change strategy, I'd like to hear from Stefan Dovael, Brian Danso, Director for the Caribbean and Central American Region, to talk to us about all of this. Thank you, Liana, and good morning, everyone. I'm going to explain a little bit about the theory behind this climate change. We live on planet Earth and it has a specific condition that allowed for us to be here, for us to live. But those conditions to take place, well, we are also covered by a layer of gases, our atmosphere and the atmosphere is made up of greenhouse gases. So naturally, there is CO2 in the atmosphere. And what that layer of gases does is filter the entry of the sun's rays and keep some in to allow us a certain temperature and release others. After the Industrial Revolution, when we began to use fossil fuels called petroleum. And we started to generate more CO2 and that layer of gas is our subject to grow and as it comes quicker, it means that the sun's rays have to trap and warm up the earth. And so the gases keep them in and so they cannot leave at the rate that they used to. In the last 150 years, the average temperature of the earth has increased by 1 degree. So our body's temperature is if we increase 1 degree, our bodies will have we're in fever already. And that's what's happening to the earth. It is warming up too much. It's having fever. And as Juanita mentioned and and everyone who participated in the video that we saw at the beginning, the effects of the earth increasing temperature by 1 or 2 degrees, what we're already noticing and with more catastrophic events, the melting of the poles. The average level of the ocean even, we start to as we start to see these consequences, what we need or what we seek is to decelerate that rapid change that we're going through. And that's why we're all here as citizens of the world, as a corporation, as a government and different types of interest. And as individuals, we all play a part in this process of preventing or mitigating the warming of our temperature. Please continue. Now we'll continue with Mr. Gabriel Martinez, Manager of High Promise and Communities for Argos to talk to us about how we can see this process within Argos and to talk about different projects for this strategy. Thank you. We and Argos are aware of the impact that our industry has and our activities have in the countries where we operate and where economic growth is impacted by the construction industry and this has an impact on the well-being of communities. And so we believe that our business should be sustainable throughout time. And as maybe somebody mentioned earlier, we have committed to a set of interesting goals, putting the reduction of CO2 emissions per ton of cement by 2030 or 2020 to reaching a 29% reduction of CO2 emissions per tonne of production. And by 2,50, we are committed to having products in concrete that are carbon neutral. So to achieve this, we have 3 kinds of leverage in our climate change strategy. Number 1 is the reduction of calorie consumption per kilo of producer producing we've been working on in some of the regions that we have certifications that we obtained for energy efficiency. Also, the second point is the reduction of the tankers demand factor. And for this, we can work in arduously with the operation, with research and development and all of the innovation projects and having products that are linked with other materials and milestones. This is one of the projects that we're working on, incorporating more supplementary materials that will help us to reduce the amount of clinker that we've incorporated in our cement. And we also have the 3rd piece of leverage, which is the increase in the substitution of conventional fuels or alternative fuels. And we want to do this and we want to have a increase in our capacity. So we've been working in our 3 regions in Colombia, Central America, the Caribbean, United States, the incorporation of other materials and as Marisa Sven shared here. And in our background, we have the microalgae pilot, which is a difficult project that we've been working on for many years. And today, we share this here is one of these things that we know we have to continue supporting as an industry because there are many opportunities to transform CO2 into other products and this project is looking at its value capture of CO2 in order to transform it into a crude. There's a very dedicated team for working on that R and D. And we work seeking renewable electric energy sources. And this is one in Honduras we have this solar fund, which is a renewable project that we also feel is beautiful. The rest of the industry to also invest in this and see it the way that we have. And we also work with the supply chain where we have electric vehicles, hybrid vehicles and natural gas based vehicles. And in terms of electric energy, we're constantly seeking for our providers to offer energy from renewable resources. So we have a pretty good example to become a point of reference in terms of sustainability not just in the sector but in the world. I've heard talk to us about the role of our vendors, our clients and other groups of interest regarding this strategy. For us, our groups of interest are fundamental. It is with them that we interact on a day to day basis. And so I'd like to say that initially, we encountered CO2 emissions direct and indirect. In this case, when we talk about groups of interest that are inside of our operation, we've started to work on the timing of our indirect emissions. And then one of the most important categories that we've been working on is when we purchase paper for the mills where we don't produce it, We continue those jobs that we do continuously in order to know how we're doing and we have many initiatives with our food interest and vendors. We throughout the determination of carbon footprint of the transport providers of the services that we use to transport raw materials and then deliver product. So in Mogao and Beheya, we've done this task and have identified 2 very interesting opportunities for improvement that have led to plans and actions with these vendors. We also have the sustainability index of vendors we developed with the popular ones, for instance, in Massachusetts and MIT. We're going to find some gaps and many opportunities that have helped us to improve this relationship with our vendors and also understand how we are impacting our CO2 emissions and we see other kinds of actions arise for seeking improvement and with vendors of alternative fuels seeking negotiations that ensure that supply chain, which is so important when we have processing implemented in some of the plants. And we took a lot of purchases from local vendors. And you might say that 41% of our purchases are from local vendors. This is important because it reduces transport. And in this case, we talk about maritime transport, which is in hopes to reduce impact. This is why we're reducing or how we're reducing emissions and so carbon emissions in different countries. And we've been recognized by carbon disclosure in projects as a leading company in the supplier engagement rating in which we have when we speak about our relationship to our centers. Now in climate change, we've been offering a portfolio of green solutions and we've launched multiple products in different operations and we have cement and concrete with sustainability purposes of sustainability and important factor here, which is the analysis of life cycle, which allows us to quantify the reduction of CO2 emissions in order to communicate in our technical sheets and in our environmental product declarations and also to show the transparency of the processes and products that we consider green. Are constantly speaking with clients to find the best solutions and help them to reduce their emissions. And this has helped to strengthen our value chain and finally to maximize the impact of construction for a sustainable future. Now there's something quite beautiful that we've been doing, which is the relation of the way that we promote a sustainable culture. It's not just a matter of bringing this in the operation and working with our vendors to the fossil about how we carry this to our communities around us and the countries where we have operations. This is how we have activities like the sustainability dialogues and the integrated report. We do everything. We show everything that we do and this is open for all of the active interest. And we have sustainability, which is a beautiful thing that we carry out within the company and also the impact of using alternative fuels and seeking to reduce our own emissions, we're having a direct impact here. And the landfills are over there, potentially have open burns of open carbon. We are reducing our impact here. And for example, the landfills, when waste arrives into decomposition process is to generate other greenhouse gases, which have even greater warming impact than CO2. And this is part of the impact and the work that we're doing. With collaborators, we are we have a recognition within the company called Green Plants, where we promote good environmental practices. And of course, one of the items that is called the production of CO2 emissions before COVID, which has changed so many things for us. We had a program for electric bicycles and carpooling. With our work from home, things have changed somewhat, but we are now estimating the emissions that have been reduced to our remote work. So this is an important path. And within our company's compensation system, we have incentives for operational results associated to the reduction of CO2 emissions. Thank you, Daniel. I hope I haven't taken too long. And that was perfect. We'd like to hear from Travis Reid, exactly different types of environmental processes in the United States to hear about our strategy in the United States and some of the main projects taking place there. So with this type 1L, you can get the same 1,000,000 tons of cement feeding pieces material. You have a lot less tinker, which means you have a lot less carbon oxide emissions as part of that. So that's been a major challenge in the U. S. The type 1 L is a new product. There's for years, there's been a lot of uncertainty around it, about its performance compared to the additional Type 1 to cement. But between our staff working with different obvious groups, our competitors also working with them as well. We've made some requirements over the years in pushing this new product. So it's been some traction and it's been a lot of the acceptance of it is growing. And so with that being accepted, we can reduce the mix and reduce our carbon footprint, post the mix and in ready mix. So shifting gears a little bit to energy efficiency. This is something that has always been a focus in the cement manufacturing process. Producing tanker and cement is a lot of energy. There's a lot of heat and a lot of power that you consume and so we have power integrated cement plants. And so we're always trying to produce the same amount of tanker and use a lot less heat. And we also are trying to grind, produce some density we can get and consume a lot of that power. So our process engineers are always optimizing those processes to reduce cost efficiency consumption and also power consumption. And so, again, with that, the U. S. EPA has their program calling this far in which today recognize those plants that are out there standing out within the 25 producing plants in the country. So I would say that 3 of the 4 of our plants have been Energy Star certified over the years and a couple of them have been over consecutive years have been certified. So we're working hard to have all 4 of our A rated cement plants here in the U. S. Region certified with EPA and the program. And it's been some along those lines that we've adopted and we'll get there. And you reduce your energy, then you're going to reduce your carbon footprint. And so and also you're going to save money because it's one of the highest costs for the manufacturing process itself. And that sort of aligned with that is the circling company. So a lot of these things all work hand in hand together. So we've also been looking at alternate fuels and alternate raw materials. So alternate raw materials will be things that just fly ash that does not have that carton to the table. So all the different products that you introduce tanker with is already being calcined, which can be carbon driven off of CO2 that lowers your carbon footprint. Additionally, the fuels, you have a good to deal with the fuels. You know, alternate fuels typically have a lower CO2 emission factor than that of additional fuel like coal. And so all of our plants have a goal of reaching, you know, between 30% and 30% substitution by 2,030 or by 2,050. And so we're working hard to get there as well. 2 of our plans are getting like 25% institutional right now, the other 2 have fairly younger programs, because they just recently involved. And so they're right around the 10%. And so there's a learning curve with that and we'll get there. And so the actions are around really learning and and optimizing process to reach those higher substitution rates as well as working with suppliers to make sure that they don't be a barrier for us reaching our goals. So that's really is for the U. S. Those are the main purposes right now as far as the climate change program. Thank you, As we've mentioned throughout this webinar, there are different initiatives associated to our strategies for reduction. And I'd like to highlight that one of the most important initiatives is the reduction of travel has a significant impact as Travis has stated environmentally and economically as well. This is why we work on this in particular. We also have the reduction of the clinker cement factor. If you're the work that's done in terms of research and development is important because we're seeking for having seeking to have less and less clinker in the cement between the different cement that we produce and assuring that we deliver the same performance to our clients and to the projects themselves. The substitution of conventional fuels for synergies is fundamental and driving what Travis mentioned in terms of circular economy, we also have work that we can seeking to have products that contribute to circular economy, reutilizing in terms of This is why recycled concrete is an important subject and the promotion of the demands with low emissions. And then from a transparency perspective, so with the analysis of life cycle to understand what we're actually achieving in these processes. Now, we'd like to hear from Travis on the same subject. You can most reduce CO2 emissions in the USA. Yes. That's a tough one. I would say the actual emissions, the best thing that we can do would be the ultimate tools. I had to talk about it a lot, but there are some projects and research and development are working on for CCUS, which is currently used for storage. And so there's a lot to learn there in that regard. But the best thing we can do for 1, we need to look at alternate materials on the front end to prevent those emissions from being emitted in the 1st place. Again, but you can alter the raw materials, you can alter the fuels. So those are 2 of the levers that you can pull. Then you look at your efficiency. So that's the 3rd level. Right? And once you employ all those and then at that point, you have to look at technology to capture the carbon and pull it out of the stack. So we've got the allergy test that's going on that's being tested down in the education center in Colombia. The microalgae, we're looking at doing a pilot and doing a study here in our new bear plant in Florida. So there's other technologies where you can convert these CO2 emissions and go through a process and make dry ice out of it to capture it. So there's some other technologies out there that can be employed in our cement plants. And I think it's we have been early and we haven't done a lot of testing in some of those technologies today. Thank you, sorry. We have another question that says, objectives of climate change are validated by science based targets. Mitchel Levy, can you help us to answer this question? Of course, Danny. And it's subject that we're passionate about and I'd like to connect you with what Travis has just stated. And it is for everyone to know what those scientific targets are. It's a global initiative which validates that the goals that the company sets are indeed for will achieve the goals that we took as a society, the Paris Agreement of reducing the temperature of the planet. And so what we do as companies is that our goals and plans in terms of climate change are presented to a group of experts that validate that these plans do align in terms of helping to achieve those goals. So as an organization, at the beginning of this year, we presented and signed the letter of commitment that has to be in front of you to participate in this process of validation of the goals with this mechanism. We are working on fine tuning our routes country by country and region by region. We have those commitments for the planning that the idea is to submit these to the science based targets initiative within the coming months. It's a process that has there are several phases to it that we believe that which is well constructed and very solid and that it will be approved by the initiative. So we are articulating as not just as a company but as an industry to achieve the goals that we have set as a society in Paris, New Zealand and whatever adjustments have needed to be made throughout these years? And this is number 1. When we go from the pilot of microalgae in Cartagena into a real project? Can you please answer to this? Yes, ma'am. So first of all, I can say that Pirate in Cartagena is serving to valid in a real environment that the microalgae technology actually works. Right now, we are identifying critical processes within that technology. And basically, what we have found so far is that we've had better performances than what the literature shows and what happens happening in the world. So the pilot gets stronger and stronger, and it becomes more and more important to us to grow with it. And we are thinking about broadening the capacity of this project in the production of the plant, which is where our current pilot is. And in some other geographies, we want in the short term to implement a new pilot. And that's basically it. Thank you. We have another question here. Why the goal by 50% to have a reduction of like 21% if the country goal is 51%. Yes. And it's important here to highlight that, remember, this organization is not just Colombian. We have presence in over 17 countries. Each of these countries has established its individual goals. And there are, of course, specific contributions in each of these countries. Over 70% of our 11 unit and our production is coming from countries other than Colombia. So we've included all of the regions in this, all of the operations and businesses throughout our entire value chain. And so the in terms of production, so that is the goal that we have right now. And as I've mentioned, we have a goal for 2,030 and another for 2,050. 1 for 2,050 is the one that's very challenging right now because reducing carbon neutral concrete today, simultaneously is not possible. It is not possible today because the mechanisms from carbon capture towards the usage that established carbon emissions today at an industrial level are not completely established in the front, which as an industry will work collectively to develop them. And so this great lease, this is a process that going through all of the different types of leverage that we've mentioned, taking outside of the fuels, reducing the crunchers, cement relationship, and being more efficient. There's another part that has to happen, which has to do with capturing that carbon and using it in other processes and using it for many of these things. And so today, the science is not there at an industrial level. So we have to continue investigating and working. And this is why that goal is farther than 5th050. We hope that we will achieve some great reductions. Here we hear and want to know more about that process with capital LNG. Algae. More than competition, what we do is a capture of carbon. We have the 4 hierarchies of the counter environmental impacts. When we speak specifically about everything we're doing right now, we're aiming for mitigation in terms of how we're improving our processes, for travels and spring. All of the projects that we're doing now are directed towards mitigation, production of our emissions. Compensation would be things like buying planting trees and payments for environmental services. But the microalgae is what deal in the category of capture, this means that in the environment, there's CO2. And what the algae does is absorb that CO2. And so the microalgae would be more of an option for capturing computation. Thank you. And we have another interesting one. The change in new energy sources, does it generate a reduction or will it increase the cost of the product? That's an answer from Ed Clark. And I imagine we're working the power of renewable energies and as in the development timing process, things are cheaper at the beginning. We've seen the example of the solar panels for 15 years ago. So the answer to this, Danny, is that surely we will have things that we'll be able to invest in quickly, which is really low hanging fruit, essentially that we can use to reduce the emissions, but we're also having quite been invented. It can't be implemented because of the cost right now, which is why we have a commitment to continue working on reducing our emissions by 20 30 and to anticipate in the development of solutions. Thank you, Deborah. We have another one. How does this articulate with the governance goals and national registries, how does all of these articulate? This is a matter that we work on not just at a Colombian level, but in each of the countries where we're present. And I'll talk about the Colombian case first. These things have a sector based goal. So what the government does, industry and commerce is together with other institutions. They establish a set of goals per sector based on interactions and participations that we've had. And they seek those goals. And based on this, we report to the government periodically, in our case of the Colombian government, because it happens in every country where they have set their goals as well. Some are more advanced than others, some are more challenging than others. But in each country where we are present, we try to be very participative in the conversation with the government and understand how we can contribute to those goals. This brings reporting commitments that we have to address periodically remain. So for those of you who are interested in learning about this is our integrated report. Every year, we publish a detailed report with the progress on our climate change strategy. And in addition, we participate in with Prosenko in the Colombian case, FISEM, which is the Inter American Federation, the PCA in the United States. So we try to participate in all of those conversations so that the conception of those guidelines are actually based on reality and it's not just someone saying that the goal shouldn't be this much. It should be 70%. You can talk about miracles that we should set goals that are actually realistic. And this is why we try to participate in all of these conversations. We're very transparent with the information that we provide. And we report periodically, not just to them, but through all of our groups of interest because we want to carry out some real follow-up on this plan in order to achieve it. Thank you, Maria. Here we have another question that I'd also like to help answer. And it is, when will our Green Solutions portfolio arrive in other countries? Now here, we cut out a launch of that portfolio for Green Solutions because we wanted to articulate and give more relevant presence and a clear understanding to our clients regarding what we do in terms of products and the options that we have for all operations. We see the same thing today. We have many products with sustainability characteristics that are in the market. Now in Central America and the Caribbean, we have products such as self compacting the concrete in addition to the circular economy. We have multipurpose and eco cement, which is carbon. We have other cement that benefit the well-being of a person because they contribute to luminosity or heating, such as maybe white cement, permeable from concretes and concrete for pavements. And in the United States, we have a very important group of products that meet those conditions, sustainability characteristics, which are changing upon DOC Cement, Masonry Cement. There's a large list of products that we are making now. So when we speak of those green solutions, what we do is a donation and a promotion so that our clients can see in that portfolio all of the possible solutions for these impacts. And so we have a Chinese talking about different countries. We are in the process in terms of communications and marketing of divulging these in a more articulate manner so that our clients can access this portfolio of green solutions. We have another one. For this, how do we guarantee the implementation of initiatives from the vendors that will help us to achieve our climate change goals? Now, first, our goals must lead by example. And this is the only way that we can inspire our vendors and entities to implement initiatives associated to the reduction of CO2 emissions. But particularly, we have mechanisms for strengthening of our pain vendors around climate change and sustainability. And right now, specifically, we have something which is the sustainability evaluation, which provides a classification to understand at what point they stand now and for us to build plans together to develop that capacity for sustainability in the business and internally The results of that valuation help us to understand what we can improve so that, that group of interest can also minimize their impact in terms of CO2. And this is how we articulate our facilities to help us to leverage our process. And to this, there's another, this has to do with co processing. How does this work in Colombian Union? Can you talk to us a bit about this? Can you repeat the question? Can you know about co processing and how it works? Okay. The co processing is the way that you take sub products from another industry and incorporate them into your process as a product, so you can have your final product, which in this case is cement. So we can see the use of used tires, substitute fuel in the process of counter production. There are also other types of products that arise from industries like the when you say oil pump, where we see waste with the calorie potential that can be brought to the process to replace some carbon in the production of clinker. This is why, as I mentioned, for us in our supply chains, it's important to find these types of products with vendors that allow us to commit to achieving our problems. It's not much use for us to make a commitment and set up the installations and then not have the product available. This is fundamental, but full processing is all about using surplus or waste in order to achieve a result. Thank you. And thanks to everyone who participated this morning. We have 4 minutes left. And I would like for Minister Licirelli, our legal opinion for sustainability to give us a closing message. I'd like to remind you that we have an email where you can share your questions if you weren't addressed during the session with comfibmos@cargos.com.co. Through our social networks in our website, we will be addressing progress regarding the processes of our climate change strategy. Thank you. Thank you, Danny. And I would like to thank everyone for your participation. We're enthusiastic about seeing your interest in the subject and the contribution that we can make to the company in the process. We are absolutely committed to mitigating climate change. It is a global phenomenon that affects all of us. And this is why we're working hard. And this year, we have more detailed plan will allow us to identify all of the projects that will help us to achieve this goal and to quantify the investments required for this. This does require significant effort from our part. And again, we are absolutely committed to these goals that we've expressed throughout the webinar. We want to reduce our emissions by 20 9% from 2,030. And in 20 50, we'd like to produce a concrete that is carbon neutral. This, together with our allies and colleagues in the industry and some of the concrete association where we're joining efforts to investigate together and work on funding the options that exist at an industrial level and that will allow us to reduce our impact significantly. So thanks everyone again for your interest. I encourage you to continue working with us. Everyone from your businesses, from your homes, you can contribute so much. And we have to be more and more aware that every action we take is humans and just companies impact others. So that collaborative spirit has to be present. Otherwise, we won't have quality of life. We won't even have a plan to leave behind for others. We're already seeing these situations like what we're experiencing today, floods, disease. All of this is connected to changes of conditions that we're facing on our planet. And so this is an indication to continue working with enthusiasm so that we can continue creating social value for everyone. Thank you.