Due to climate change and current efforts to reduce emissions in the construction sector, this study evaluates and discusses the results of a comparative cradle-to-grave Life Cycle Assessment (LCA), with a main focus on Global Warming Potential for functionally equivalent carbon-reinforced concrete (CRC) and steel-reinforced concrete (SRC) façade panels for the first time. The novelty of this study is the focus on construction waste and, in particular, the worst-case application of non-recycled construction waste. The use of CRC requires a lower concrete thickness than SRC because the carbon fiber reinforcement does not corrode, in contrast to steel reinforcement. Façade panels of the same geometrical dimensions and structural performance were defined as functional units (FU). Assuming an End-of-Life (EoL) scenario of 50% landfill and 50% recycling, the Global Warming Potential (GWP, given in CO2 equivalent (CO2e)) of the CRC façade (411–496 kg CO2e) is shown to perform better than or equal to the SRC façade (492 kg CO2e). Changing the assumption of CRC to a worst-case scenario, going fully to landfill and not being recycled (single life cycle), turns the GWP results in favor of the SRC façade. Assuming a 50-year service life for the SRC façade panel and relativizing the emissions to the years, the more durable CRC façade performs much better. Finally, depending on the system boundary, the assumed EoL and lifetime, CRC can represent a lower-emission alternative to a functionally equivalent component made of SRC. The most important and “novel” result in this study, which also leads to future research opportunities, is that delicate adjustments (especially concerning EoL scenarios and expected service life) can lead to completely different recommendations for decision-makers. Only by combining the knowledge of LCA experts, structural engineers, and builders optimal decisions can be made regarding sustainable materials and building components.