The future of Boral Limited (ASX: BLD) shares could be unfolding as the company continues down one of five avenues outlined for its journey towards net zero.
The S&P/ASX 200 Index (ASX: XJO) building products manufacturer has been granted $30 million for a carbon capture, use, and storage (CCUS) project at its New South Wales cement and lime facilities.
Today’s news of the grant – offered by the Australian Government’s CCUS Hubs and Technologies Program – was announced by the company’s partner on the project, Calix Ltd (ASX: CXL).
At the time of writing, the Boral share price is $3.33, 1.52% higher than its previous close. For context, the ASX 200 is currently up 0.88%.
Let’s look closer at the latest on the building and construction materials producer’s pathway to net-zero emissions.
Boral granted $30m for CCUS project
Own Boral shares? You likely know the company is planning to reach net-zero emissions by 2050.
And one of the five pillars the company is using to support its climate targets is emerging CCUS technologies.
That’s good news for Calix. Boral has been granted $30 million to use the environmental technology company’s low emissions intensity lime and cement (LEILAC) technology at its NSW-based facility.
The project aims to use the technology to target 100,000 tonnes of carbon each year. It will also look into using renewable energy sources and alternative fuels to further reduce emissions.
As a result, Boral could end up producing true zero-carbon lime and cement at the facility.
Boral chief operating officer Darren Schulz commented on today’s news:
This is game changing technology for our industry and will play a critical role in supporting customers’ sustainability targets.
Boral share price snapshot
Despite today’s uptick, the Boral share price is trading considerably lower year to date.
It has tumbled 46% since the start of 2022, while the ASX 200 has slumped 6%.
The stock has also fallen 51% over the last 12 months. Meanwhile, the index has gained 1%.
The post Boral share price climbs amid ‘game changing’ carbon project appeared first on The Motley Fool Australia.
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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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