EBRD to provide loan to Turkey’s cement sector to boost decarbonisation efforts
The European Bank for Reconstruction and Development (EBRD) announced that it will be providing Türkiye’s Cimsa, a cement producer, to bankroll the company’s decarbonisation investment programme.
The funds of the loan will be directed towards “the installation of solar power plant, a waste heat recovery plant, a new silo, and resource-efficiency process, and technology upgrades”, according to the release.
All these new upgrades will be made at the company’s Eskisehir plant.
The funding aligns with EBRD’s commitment to carry out its operations per the goals set in the Paris Agreement.
Also read: ECB may take “remedial action” against firms failing to meet emissions reduction targets
The decision to provide a loan to Cimsa comes after the launch of the EBRD’s “low-carbon pathway” (LCP) initiative. The initiative concentrates on the decarbonisation of energy-intensive industries such as steel, cement, aluminium, and fertiliser.
The cement-sector LCP provides various suggestions for decarbonising the cement sector. One suggestion or action is to incorporate a reduction in clinker usage in cement production.
It also calls for the adoption of carbon capture and storage facilities, the recovery of waste heat, the employment of alternative fuels, the integration of green energy, and the enhancement of the efficiency of the processes involved.
Also read: European Commission approves €3 billion German state aid to support hydrogen transmission
The press release mentions that tackling climate change is a top priority for Türkiye. The country has set a 2053 Net-Zero target and requires nearly $10 billion in funds annually through 2030.
EBRD Türkiye Deputy Head Erdem Yasar said, “The LCPs seek to enable private-sector representatives to set clear roadmaps for a net-zero future. We are pleased to see the very first step towards this in our partnership with Cimsa.”
He added, “As cement remains one of the most carbon-heavy industries, we are confident that this project will be exemplary in the sector and provide guidance to all players who seek to boost their green investments.”
The EBRD has invested more than €19.8 across 442 projects and trade finance limits since 2009 in Türkiye.
CalPERS allocates nearly $10 billion to climate action...
-
The California Public Employees’ Retir...
- 05/07/2024
Eco-gamers launch online video game to target asset...
-
A team of eco-gamers known as Serious Pe...
- 01/07/2024
EU regulators push for revisions in landmark ESG...
-
Regulators overseeing the markets, banki...
- 19/06/2024
Related News
ERM, a sustainability consultancy company, announced that it has commenced offshore trials to test the key elements of its Dolphyn Hydrogen process. The trials mark […]
European Energy announced that it had acquired grid connection approvals for nearly 500 megawatts (MW) of solar and wind energy projects across Romania. The approvals […]
In its second-quarter update, Shell announced that it would incur an impairment charge of up to $2 billion following the sale of its Singapore refinery […]
The California Public Employees’ Retirement System (CalPERS) announced a commitment of almost $10 billion to advancing global efforts to transition to a low-carbon economy. This […]
The European Commission announced that it has approved a €10.82 billion French scheme to support offshore wind energy deployment. It aims to help foster a transition […]
ENGIE announced that it signed a 7-year Biotmethane Purchase Agreement (BPA) with BASF. According to the agreement, ENGIE will supply the chemicals company with 2.7 […]