Image: Dreamstime/Zhiqian Li
Investors’ groups have started to apply pressure to European cement manufacturers to eliminate carbon emissions created during cement generation no later than 2050.
The Institutional Investors Group on Climate Change (IIGCC) in conjunction with Climate Action 100+ has sent a document to 161 companies detailing targeted steps on how they can reduce their emissions.
Recipients include CRH, LafargeHolcim and HeidelbergCement. The expectations of the IIGCC, which represents 320 investors with a total of £2.4bn in assets, are in line with the Paris Agreement on climate change.
The investors called on cement companies to work in tandem with policy makers in the transition to a low-carbon economy. Firms are obligated to set short-, medium- and long-term targets to reach this goal.
According to the IIGC, cement is the most widely used construction material and contributes 7% of man-made carbon dioxide emissions. If the cement industry were a country, it would be the third largest global emitter behind China and the US.
Stephanie Pfeifer, IIGCC chief executive, said: “The cement sector needs to dramatically reduce the contribution it makes to climate change. Delaying or avoiding this challenge is not an option. This is ultimately a business-critical issue for the sector.
“Major economies such as the UK and France are increasingly adopting economy-wide net zero emission targets.
“The cement sector needs to get ahead of the profound transformation their sector faces by addressing barriers to decarbonisation in the short- to medium-term if companies are to secure their future.”
Image: Cement being poured (Lovelyday12/Dreamstime)
