산업은행, Cement Industry to Support 'Eco-friendly Industry' Transition... 1 Trillion Investment Over 5 Years

All Seven Major Cement Companies Participate
Investment in Recycled Resources and Fuel Substitution

On the 23rd, at the Korea Development Bank headquarters in Yeouido, Seoul, Lee Dong-geol, Chairman of KDB (center), is signing a business agreement with the Korea Cement Association and representatives of seven major cement companies.

[Asia Economy Reporter Jin-ho Kim] KDB Industrial Bank announced on the 23rd that it has signed an agreement with the Korea Cement Association for the 'Industry-Finance Cooperation Program to Achieve Carbon Neutrality in the Cement Industry.' The signing ceremony held at the Yeouido headquarters in Seoul was attended by seven major cement companies including Sampyo Cement, Ssangyong C&E, Hanil Cement, Hanil Hyundai Cement, Asia Cement, Sungshin Cement, and Halla Cement.

The agreement was established to support the early realization of the government's '2050 Carbon Neutrality' goal through the cement industry's coal phase-out investments and expansion of recycled resource utilization, as well as to facilitate the transition of the cement industry into an eco-friendly sector. The cement industry is an essential infrastructure industry but is one of the top three carbon-emitting industries, releasing 42 million tons of greenhouse gases annually.

South Korea's coal substitution rate stands at about 24%, which is significantly lower compared to the European Union (EU) at 46% and Germany, an eco-friendly advanced country, at 68%, indicating the need for substantial investment. The cement industry plans to increase the coal substitution rate to the level of advanced countries by reducing coal usage and increasing the proportion of recycled resources.

To this end, KDB Industrial Bank will prioritize supporting 1 trillion KRW in investments for carbon reduction facilities in the cement industry by 2025 and will actively cooperate in areas requiring future technology commercialization such as raw material substitution and development of eco-friendly heat sources. Through the agreement with KDB Industrial Bank, the cement industry expects to reduce carbon emissions and costs by cutting coal use while simultaneously establishing a circular economy between waste and cement, facilitating the transition to an eco-friendly industry.

At the signing ceremony, Lee Dong-geol, Chairman of KDB Industrial Bank, emphasized, “It is time for the Korean cement industry to seek new innovations in its 70-year history,” adding, “We will support the transition to an eco-friendly industry by expanding investments in coal phase-out facilities and increasing the use of recycled resources such as waste recycling.”

This content was produced with the assistance of AI translation services.