Page 72 - Martin Marietta - 2024 Sustainability Report

ENVIRONMENTAL STEWARDSHIP

Norway, which is not designed to capture all of that plant’s Scope 1 GHG footprint. We are monitoring this project and
the associated amine technology very closely. Our research indicates that no carbon capture project has proceeded
beyond the feasibility stage in the United States.

Despite the fact that this technology remains in its early stages for cement production, we now believe that enough
resources, both intellectual and financial, have been directed at the issue that a viable technological solution will be
developed. For example, in the United States Inflation Reduction Act passed in 2022, substantial federal funding was
made available to jump-start R&D and commercialization of technology, such as carbon capture. Whether or not halted
by the new federal Administration, the funding already disbursed will be beneficial for all industries, but most particularly
the cement sector. In the past, federal funding of CCS R&D and pilot projects was not available in the United States. EU
cement companies have already benefited from government funding for CCS projects. For example, the Brevik, Norway
CC project is funded mostly by Norway and the EU under Norway’s Longship Project designed to demonstrate the
feasibility of carbon capture and sequestration. With only one remaining cement plant and our strong balance sheet, we
will be in a position to implement this technology quickly regardless of government funding availability.

Relevant to all of these considerations are state and federal rulemaking efforts concerning GHG emissions reporting and
third-party assurance requirements that will make careful and accurate measurement and disclosure of emissions even
more important. We are carefully monitoring these developments and taking a measured and prudent approach with
respect to adding disclosures around concepts that may be subject to new and specific requirements in the near term.

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