HeidelbergCement
HEI
Industrials
5
exclusion reasons
3 themes
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.
Heidelberg Materials (formerly HeidelbergCement): operations in Indonesia (Kendeng mountains limestone mine/cement factory) contested by local communities for environmental harm; Georgia Environmental Protection Ministry documented numerous production violations 2013-2022; cement operations are a major source of CO2 emissions
Romania 2025: Romanian Competition Council fined Heidelberg Materials Romania ~€15M (Jan 2025) for price collusion with Holcim and CRH via information exchange through sales agents 2017-2018. Germany 2013: German Federal Court of Justice upheld €161.4M fine for participation in German cement cartel (early 1990s–2002) involving illegal quota and market-sharing agreements with Holcim and Dyckerhoff.
Heidelberg Materials has taken legal action against German emissions trading laws, arguing they place an "unreasonable burden" on the cement industry. This litigation constitutes active obstruction of climate policy designed to price carbon emissions. The company's public-facing climate narrative emphasizes its commitment to carbon neutrality and investments in carbon capture and storage (CCS). However, InfluenceMap's Climate Policy Engagement Overview assesses Heidelberg Materials as taking both supportive and oppositional stances, with strategic advocacy for policies that protect its core cement business. In 2023, the company allocated €539 million for "improvement of environmental protection," a figure that must be weighed against its legal challenge to regulatory frameworks essential for sector-wide decarbonization.
HeidelbergCement (now Heidelberg Materials) operates one of the world’s largest cement and building materials businesses, an industry that accounts for approximately 8% of global CO₂ emissions. The company’s specific net CO₂ emissions were 527 kg per tonne of cementitious material in 2024, a figure that remains high relative to sector peers actively deploying carbon capture and alternative fuels. While the company reports annual reductions, its absolute emissions footprint and continued reliance on clinker production place it among the highest industrial emitters globally.
The company has faced specific regulatory and legal challenges related to its emissions. In Georgia, subsidiary HeidelbergCement Georgia was cited by the Environmental Protection Ministry for numerous pollution violations between 2013 and 2022. In Germany, the company filed legal complaints seeking exemption for its Leimen plant from national emissions trading laws, a move that delays compliance. Furthermore, HeidelbergCement was named alongside RWE in a landmark 2025 German court case that established major emitters can be held liable for climate-related damages abroad, setting a precedent for its operational liability.
Despite published sustainability reports and a 2050 carbon neutrality ambition, the company’s transition pace is contested. Its current roadmap relies heavily on future carbon capture, utilization, and storage (CCUS) technologies, while present-day operations continue to generate outsized greenhouse gas emissions compared to feasible sector benchmarks. Leadership acknowledges the EU’s 2050 climate neutrality objective but the company’s litigation against emissions regulations and its high ongoing emissions intensity demonstrate that operational decarbonization is not yet treated as an immediate governance imperative.
KLP (Norwegian pension fund) excluded HeidelbergCement in June 2015 due to operations in the occupied West Bank; Israeli construction in occupied Palestinian territory constitutes a violation of international humanitarian law
Research Sources
4 organizations
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