The building material industry has relatively high exposure to environmental risk, notably cement companies; construction companies are more exposed to social risks. The cement industry, together with steel, ammonia, and ethylene, accounts for about half of total CO2 emissions in the industrial sector; as a result, cement companies are likely to invest significantly more to comply with more stringent environmental regulation. This report card expands on the Risk Atlas sector analysis by focusing on the credit-specific impacts, which in turn forms the basis for analyzing the exposures and opportunities of individual companies in the sector.