Recently, CIB provided loan support to Zhangxuan Technology of HBIS Group to assist in the continuous and stable production of the world's first 1.2 million-ton hydrogen metallurgy demonstration project. This marks another breakthrough in CIB's efforts to serve new productive forces and promote the green transformation of traditional manufacturing.
Zhangxuan Technology utilizes hydrogen as an energy source for large-scale industrial production, leading the steel industry into an era of "green steel" smelting by “replacing coal with hydrogen”. Compared to the traditional "blast furnace - converter" long-process method with the same production scale, this hydrogen metallurgy demonstration project can reduce carbon emissions by 800,000 tons annually in its first phase, a reduction of 70%, equivalent to the carbon sequestration of Saihanba Forest Farm in one year.
Statistics show that China's steel industry accounts for approximately 15% of the country's total carbon emissions, making it the highest emitting manufacturing sector. “Hydrogen metallurgy” is an effective means for the steel industry to achieve low-carbon emission reductions. Using hydrogen as a fuel and reducing agent can help steel companies reduce their dependence on fossil fuels and decrease carbon emissions during the smelting process. This promotes a global shift in the steel industry from traditional "carbon metallurgy" to new "hydrogen metallurgy," ushering in a new era of green, low-carbon development.
As a leader in green finance in China, CIB has been deeply involved in green finance for 18 years, focusing on the coordinated advancement of "carbon reduction, pollution reduction, green expansion, and growth." CIB continues to shine as a "Green Banking" brand, utilizing a comprehensive range of group-wide, diversified green financial products to help build a green, low-carbon circular economy. To date, CIB's green finance business scale exceeds 2 trillion RMB, with green loans amounting to 879 billion RMB, ranking first among joint-stock banks.