A group of investors are calling on leading European construction material firms to take the necessary steps to reduce their contribution to climate change, according to the Institutional Investors Group on Climate Change (IIGCC) on Monday - the European membership body for climate change investor collaboration.
Cement, the most widely used construction material globally, is responsible for 7% of global man-made carbon dioxide emissions, according to the International Energy Agency.
One of the measures the group expects from cement companies to take is to achieve net zero emissions no later than 2050.
Companies are expected to set short, medium and long-term science-based and realistic targets to reach this goal.
Investors also expect companies to engage with policymakers to support cost-effective measures to mitigate climate change and an orderly transition to a low-carbon economy.
The companies should implement a strong governance framework so that companies are held responsible to share how the company assesses and manages climate-related risks, IIGCC said.
'The cement sector needs to dramatically reduce the contribution it makes to climate change. Delaying or avoiding this challenge is not an option,' said Stephanie Pfeifer, IIGCC CEO.
By Zeynep Beyza Kilic