Holcim said a tougher European Union target to cut carbon emissions could force cement companies to relocate overseas.
The cement industry contributes about 10 percent of carbon dioxide emissions globally, about four times the contribution from the airline industry.
The European Union has said it will deepen its target for emission cuts to 30 percent from the current 20 percent by 2020 if other countries sharpen their own ambitions to fight climate change.
"Holcim supports the transition to a low-carbon economy, but the problem here lies in doing this in a way that does not disadvantage industry in Europe," Ruksana Mirza, Holcim’s head of sustainable development, told reporters on Monday.
Mirza said companies might be forceed to relocate outside Europe, which could have the net effect of increasing emissions if cement were then transported greater distances.
Holcim also said it had set itself a new target of reducing its own carbon emissions per tonne of cement by 25 percent by 2015 from 1990 levels.
The company had already cut emissions by a net 21 percent by the end of 2009 from 1990 levels, ahead of schedule.