The cement industry is a key factor in China’s transition to carbon neutrality. China’s cement production and consumption account for more than half of the respective global totals, and its cement carbon emissions are the third largest in the country, after those of power and steel, accounting for about 13% of the country’s total carbon emissions. One challenge of decarbonizing cement is its massive process emissions, which require transformational technologies to substitute raw materials and ingredients on a large scale. Another challenge comes from switching from coal to low-carbon energy sources. In addition, given the young assets of the industry, the risk of stranded assets is high in a rapid transition. A relatively low concentration rate among top cement companies also impedes the scaling up of transition technologies.