China National Building Materials
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exclusion reason
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This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
China National Building Materials is the world's largest cement producer, manufacturing approximately 500 million metric tons of cement annually. The cement sector is responsible for roughly 8% of global CO2 emissions, and CNBM's production scale makes it a significant contributor to this total. The company's decarbonization strategy relies heavily on carbon capture, utilization, and storage (CCUS) technologies, which are not yet commercially viable at the scale required. Its published climate targets lack a clear, near-term roadmap for reducing process emissions from clinker production, which are intrinsic to cement chemistry and constitute the majority of the sector's carbon footprint. This technological reliance and absence of a detailed transition plan for its core industrial process represent a form of climate intransigence, as they defer material action on its largest emission source.
Research Sources
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Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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