BAKU, Azerbaijan, November 4. The International Finance Corporation (IFC) has announced a $70 million green loan to Çimsa Çimento San. ve Tic. A.Ş. (Çimsa), one of Türkiye’s leading cement manufacturers, to support its ambitious decarbonization initiatives, TurkicWorld reports via the IFC.
This financing will aid Çimsa in its transition toward greater sustainability and increased competitiveness by improving energy efficiency across its operations.
IFC’s investment will drive Çimsa’s decarbonization strategy, encompassing energy efficiency upgrades, modernization efforts, and the installation of solar photovoltaic panels. Key improvements include the optimization of waste heat recovery systems and a boosted reliance on renewable energy, expected to reduce the company’s greenhouse gas emissions by approximately 10 percent.
This loan marks Çimsa’s first green financing arrangement and is anticipated to raise the company’s renewable energy usage to 20 percent by 2025. Additionally, through IFC’s Cement Decarbonization Tool Advisory Service, Çimsa will receive strategic guidance to identify operational improvements in its existing assets and potential further investments aligned with its sustainability goals.
Aligned with Türkiye’s economic and environmental priorities, Çimsa is committed to meeting Science Based Targets initiative-approved sustainability goals, with milestones set for 2033 and a target of carbon neutrality by 2050. This project contributes to Türkiye’s net-zero emissions goal for 2053 and aligns with compliance requirements under the European Union’s Carbon Border Adjustment Mechanism (CBAM), set to be fully implemented by 2030.
