The investment platform aims to mobilise over $6 billion by 2030 and achieve an annual reduction of 20 million tonnes of carbon dioxide equivalent emissions,
Türkiye is set to unveil a major platform to accelerate decarbonisation efforts at the upcoming 31st UN climate change conference, according to the Turkish Industry and Technology Ministry.
The Türkiye Industrial Decarbonisation Investment Platform, established through joint efforts with the European Bank for Reconstruction and Development, the International Bank for Reconstruction and Development, and the International Finance Corporation, targets carbon-intensive sectors such as iron and steel, aluminum, cement, and fertiliser.
The investment platform aims to mobilise over $6 billion by 2030 and achieve an annual reduction of 20 million tonnes of carbon dioxide equivalent emissions, with financing for decarbonisation investments grouped under themes such as green hydrogen, carbon capture, energy efficiency, renewable electricity, and climate technologies.
The Climate Investment Funds' Clean Technology Fund has already provided $250 million in initial funding to kick-start the initiative, while new financial institutions are expected to join the joint declaration that will unveil the scheme at COP31, with the EU providing €5.7 billion in support during the IPA III period.
Mehmet Fatih Kacir, Turkish industry and technology minister, stated that the new initiative aims to strengthen Ankara's cooperation with the EU in the green transition, building on the foundation established between Türkiye and the EU over the past 20 years and deepening their partnership via next-generation technologies and strategic investments.
The unveiling of the TIDIP at COP31 is expected to establish complementary partnerships to support the new platform, with Antalya hosting the conference on November 9-20, and the primary focus on accelerating decarbonisation efforts in carbon-intensive sectors, which is crucial for reducing greenhouse gas emissions and mitigating climate change.
