Could you discuss gas market demand trends in Mexico and other Latin American regions?

The Mexican market for industrial gases is robust, serving sectors like chemicals, steel, glass, manufacturing and health. These industries continue to show healthy growth. We also expect to see the energy sector grow as Pemex ramps up efforts to reach 1.8 million barrels daily. Collaborations with Pemex on gas applications are key to helping them meet this target, and we are seeing similar opportunities in steel and glass. As manufacturing operations expand, the manufacturing sector demands more gases, particularly for the automotive sector and infrastructure. Overall, we are optimistic about growth across North America, with the US remaining a strong trade partner. We see a future shaped by energy transition, mainly through the growth of electricity generation with natural gas and renewable energies. We need to support new companies with the necessary energy services. 

How do you view the role of hydrogen in Mexico's transition to cleaner energy?

Blue hydrogen, which includes capturing CO₂ emissions, could be a practical intermediary step before moving fully to green hydrogen. Mexico has significant potential for CO₂ capture, like Texas, where CO₂ capture projects are already underway. With Linde's technology, we can support the country's decarbonization efforts. The roadmap involves progressing from fossil fuels to natural gas, capturing CO₂ emissions, and ultimately moving to green hydrogen production using wind, solar and hydropower. This energy can also produce green ammonia and methanol for various industrial applications, positioning Mexico as a potential green energy supplier for Asian markets. There is growing interest in climate-friendly energy, particularly green hydrogen, produced using renewable energy sources. However, green hydrogen remains costly because the cost of electricity in Mexico is twice as high as in the USA, which makes it uncompetitive, and it is an area of opportunity that will surely be solved in a short time. The government could support this transition, but as technology providers, we also focus on making capital expenditures efficient and improving security standards. Linde has invested heavily in hydrogen vehicle technology. We are expanding our electric vehicle fleet, and hydrogen trucks and buses are on our radar. 

How is Linde supporting client competitiveness and decarbonization efforts?

Linde's commitment to helping our clients remain competitive while decarbonizing is central to our strategy. As for hydrogen's role in the automotive sector, including passenger vehicles, it is still in its early stages. From my experience working in Korea on hydrogen initiatives, I see that governmental support is crucial for the success of hydrogen-based transportation. This support often encompasses CapEx and OpEx, enabling a smoother transition to alternative energy. In terms of efficiency, hydrogen trucks for passenger transport tend to have an advantage due to lighter battery requirements, while electric vehicles appear more efficient for smaller cars. Even with EVs, decarbonization remains elusive if the electricity is sourced from fossil fuels.

Government support is essential for developing new technologies. In countries like the US, we have seen substantial incentives and funding for decarbonization concepts, and similar support would benefit Mexico's transition. The political dynamics in Mexico around energy policies are complex, but the government could consider increasing incentives for green energy. We hope our ongoing efforts in Mexico will yield results, and we might see progress as associations like the Hydrogen Association and other committees push for this transition.

Could you share Linde's sustainability targets?

Linde remains committed to sustainability. Our "35 by 35" target focuses on reducing CO₂ emissions by 35% by 2035, and to reach net-zero emissions by 2050. We are already making strides by transitioning to solar and wind energy, contributing to a balanced green energy portfolio. We have an upcoming green project that we aim to launch in 2025. Linde has invested heavily in hydrogen and electric vehicle technology.

What are Linde's expectations and priorities for the coming year?

We are optimistic; all our project proposals submitted to the Board have been approved, signalling confidence in our strategy. We will continue to focus on cost efficiency and maximizing resources. Many of our long-term projects, some initiated two to three years ago, are set to materialize next year, which we expect will position us well in the region.