Amendment to the European Directive on Emission Trading: Impact on the German Cement Industry

This final report summarizes the results of analyses conducted by McKinsey & Company, Inc., on behalf of the German Cement Works Association (Verein Deutscher Zementwerke e.V. or VDZ) and the Federal Association of the German Cement Industry (Bundesverband der Deutschen Zementindustrie e.V. or BDZ) to determine the impact of changes to the EU Directive on Emission Trading on the costs of CO₂ emissions and consequently on the international competitiveness of the German cement industry.