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.
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