BAKU, Azerbaijan, November 7. The European Bank for Reconstruction and Development (EBRD) has provided a loan of up to 50 million euros to Cimsa Cimento Sanayi ve Ticaret A.S. (Cimsa), a Turkish manufacturer of building materials and part of Haci Omer Sabanci Holding A.S, Trend reports via EBRD.
Meanwhile, the funds will be used to finance a green investment program under the company's Green Financing Framework (GFF).
The project involves the construction of a new calcium aluminate cement plant and the implementation of measures to decarbonize existing production facilities at the plant in Mersin.
According to information, the project is fully in line with the goals of transitioning to a green economy, including improving energy efficiency, using renewable energy sources, and reducing the share of clinker in cement production through the use of alternative raw materials.
This decarbonization investment program fully supports the transition to a green economy through the development of environmentally friendly types of cement (in particular, calcium aluminate cement — CAC), the introduction of renewable energy sources, improving thermal efficiency, and reducing the proportion of clinker in cement through the use of alternative raw materials.
"Investments in the construction of a new CAC production plant will reduce fuel and energy consumption. Thus, the project is classified as 74 percent compliant with the principles of the Green Economy Transition (GET) and the EU taxonomy for climate change mitigation, as it will ensure and demonstrate a significant reduction in greenhouse gas emissions throughout its life cycle.
In addition, the project includes the creation of a new internship program to develop technical and “green” production skills in cooperation with local educational institutions. It has also been awarded Gender SMART status, as it contributes to the economic empowerment of women in the traditionally male-dominated cement industry," the information states.
Moreover, it is noted that the total cost of the project will be 57 million euros.