Erdemir and İsdemir, among the OYAK Group Companies, announced the net zero road map to contribute to Türkiye's 2053 net zero emission target.
Defining its green transformation steps, Erdemir and İsdemir aim to reduce carbon emissions per ton by 25 percent by 2030, 40 percent by 2040 and reach net zero emissions by 2050 compared to 2022, which it has set as the base year. Europe's second largest and the world's eighth largest steel producer, Erdemir and İsdemir, Türkiye's leading producers in the sector, will continue to maintain an active role in the steel industry with their green transformation compliance efforts.
Serdar Başoğlu, Financial Management and Financial Affairs Officer of Erdemir and İsdemir, announced that the two companies will reduce their carbon emissions by 25 percent by 2030 and that the investment amount allocated for this purpose will be 3.2 billion dollars.
Investments made support the carbon footprint and green steel targets, while Başoğlu informed that Erdemir and İsdemir will establish 1000 MW solar power plants (SPP).
Serdar Başoğlu indicated that they will finance more than 70 percent of these investments with external resources and added that they are considering issuing Eurobonds. Stating that the main goal of the two companies is to become carbon neutral by 2050, Başoğlu added that the share of coal in steel production will decrease.
"We also need the skills, process and governance to realize this transformation"
Pointing to the sustainability investments and emission reduction efforts of OYAK Group Companies, OYAK General Manager Süleyman Savaş Erdem stated: "With the announcement of carbon emission reduction targets in many countries, industries around the world are determining road maps accordingly. Investing in the future, companies commit to net zero emission targets and set out to realize the relevant regulations. Taking these steps for a greener and more sustainable world also enables companies to maintain their competitiveness in global markets. It is important to be able to implement the strategies determined for the ultimate goal of net zero emissions. For this, the skills, process and governance to realize this transformation are needed as much as the design of a net zero emission roadmap."
"We planned the process"
For 58 years, OYAK Mining Metallurgy Financial Management and Financial Affairs Group Vice President Serdar Başoğlu stated that they act with the responsibility of being the leading industry player in all their activities and continued: "Our companies Erdemir and İsdemir, which carry an important economic value for our country and our region, have established a road map by demonstrating their determination to take steps to fulfill their responsibilities for green transformation. We have planned the critical steps to complete the green transformation in our companies in a way that meets the expectations of our customers, investors and other shareholders and the processes in which these steps will be put into effect. As OYAK Mining Metallurgy Companies, we analyze our greenhouse gas emissions, identify the emission sources that cause the increase and plan actions to improve them. In this regard, we have carried out preliminary studies for emission reduction through activities such as energy efficiency studies, increasing the use of scrap in production and the use of HBI (hot briquetted iron). Additionally, we have shaped our net zero road map with feasibility studies by following the development of low-emission steel production technologies.
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