The European Bank for Reconstruction and Development (EBRD) has extended a €25 million loan to Çimsa, a leading Turkish cement company, to finance its decarbonisation investment programme. This substantial loan aims to support the installation of a solar power plant, a waste heat recovery (WHR) plant, a new silo, and resource-efficiency processes, alongside technology upgrades at Çimsa’s Eskisehir plant.
This initiative is part of the EBRD’s “low-carbon pathway” (LCP) initiative, which focuses on the decarbonisation of energy-intensive industries such as steel, cement, aluminium, and fertiliser. The EBRD’s commitment to align its activities with the Paris Agreement on climate change goals is evident through this strategic investment.
Addressing climate change remains a significant priority for Türkiye, which has set a 2053 net-zero target. To achieve this, the country needs approximately US$10 billion in financing annually through 2030. The EBRD’s investment in Çimsa is a crucial step in mobilising the necessary resources and technology to meet this ambitious goal.
Umut Zenar, CEO of Çimsa, expressed his enthusiasm for the partnership, stating, “As Çimsa, we are determined to advance our sustainability goals and take important steps in our energy efficiency and decarbonisation efforts. This collaboration with the EBRD represents a significant milestone in our journey towards a greener future. This loan will not only support our investments in our solar energy and waste heat recovery facilities but will also increase our operational efficiency. We are proud to be the first cement company in Türkiye to receive this type of financing from the EBRD, reflecting our commitment to leading the industry in sustainability initiatives.”
Erdem Yasar, EBRD Türkiye Deputy Head, highlighted the broader impact of the LCPs, saying, “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 Çimsa. 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’s loan will finance not only technological advancements at Çimsa but also the introduction of new diversity measures, showcasing a holistic approach to sustainable development. The Science Based Targets Initiative recently validated Çimsa’s commitments to carbon reduction, further solidifying its role as a leader in the cement industry’s green transition.
The EBRD has been a key investor in Türkiye since 2009, with over €19.8 billion invested across 442 projects and trade finance limits, predominantly in the private sector. This latest investment underscores the EBRD’s ongoing dedication to fostering sustainable and environmentally responsible industrial practices in Türkiye.
Do You Want to Explore the Future of Sustainable Building? Join Our Key Industry Events.
Find out more about the future of building sustainably. Discover the latest in cement industry innovations, best practices, and decarbonization efforts at our upcoming events – join us to shape a greener world!
Dive into our calendar of events, featuring CarbonZero Global Conference and Exhibition 2024 in Madrid, Spain; Women in Cement and Construction International Congress and Sustainability and ESG International Summit 2024 in Madeira, Portugal.
Sign up to our newsletter on industrylink.eu to receive the latest news and future events info as well as exclusive discounts.
