IIGCC calls on cement producers to reduce carbon emissions

The UK-based Institutional Investors Group on Climate Change has urged cement producers to considerably reduce their carbon footprint.

The European fund, which manages US$23trn, called on cement companies to reduce their greenhouse gas emissions and commit to the 2015 Paris Agreement. It said cement companies should support the policy towards a carbon-free economy. Inaction could jeopardise their business model and access to capital, according to the group.

"The cement industry needs to dramatically reduce its contribution to climate change," said Stephanie Pfeifer, CEO of the Institutional Investors Group on Climate Change. The group has over 170 members, mainly European pension funds and asset managers.

The investors have asked Ireland-based CRH, the French-Swiss group LafargeHolcim and the French Saint-Gobain to set themselves the target of reducing their CO₂ emissions to zero by 2050. HeidelbergCement has already received the target.