Holcim's $30 billion New York spinoff of its North American business has come under fire from an environmental group that said the major cement maker was doing too little to tackle climate change. https://t.co/pKUjZEt7hg https://t.co/pKUjZEt7hg
— Reuters Science News (@ReutersScience) September 19, 2024
The Swiss-based company has failed to cut direct emissions from its plants or spend enough to reduce materials or energy waste, said Industrious Labs, a U.S.-based environmental nonprofit.Industrious Labs, which is part of a campaign called Concrete Change to reduce the sector's environmental impact, gave Holcim a grade of "D" - the second-lowest rating - for its sustainability performance.It said the spinoff, due to take place in the first half of 2025, hides mounting costs and a failure to adapt to growing demand for cleaner cement."Markets are brutal and don't reward incumbents which are slow to respond to customer demand," Nachy Kanfer, a partner at Industrious Labs, told Reuters. "We see multiple net zero cement projects under way, and Holcim is being left behind."
Does @Holcim’s $30 billion North American spin-off account for its hidden liabilities?
— Concrete Change (@Concrete_Change) September 19, 2024
Holcim’s North American facilities have mounting pollution problems that the company is hoping to offload to investors. Don’t be left holding the bag! Learn more: https://t.co/J9ZPouiKop pic.twitter.com/wlRyS2oBbh
