Since the cement industry emits large amounts of greenhouse gases into the atmosphere, the sector is recently under scrutiny. This study empirically investigates the co-integration and the causality relationships between the carbon dioxide emissions (CO2) and the cement industries for the panel comprised of 109 countries using time series data for the period between 1995 and 2008. For the purpose of co-integration, the error correction model (ECM) and panel causality tests were applied in order to determine the aforementioned relation. Cement production was determined to be co-integrated with CO2 emissions. In the present study, the newly industrialised countries that execute 70% of the world cement production were determined to significantly affect the CO2 emissions, whereas the effect of advanced developed countries on the emissions were strikingly lower, due to the renewal of their production technologies.