Antalya:Developing countries need $4 trillion annually to finance their sustainable development goals, including $1.8 trillion specifically for climate finance, stated Turkish Treasury and Finance Minister Mehmet Simsek at the COP31 UN climate summit.
According to Anadolu Agency – English, Simsek highlighted the importance of multilateral development banks in mobilizing investment and enhancing governance standards during the opening of a panel focused on mobilizing climate finance through partnerships.
In his address, Simsek mentioned that Türkiye has signed 10 financing agreements totaling $5.1 billion with the Asian Development Bank, Asian Infrastructure Investment Bank, Islamic Development Bank, and World Bank. He described these institutions as catalysts that provide technical expertise and assist local banks in developing climate projects attractive to financiers.
Simsek emphasized the necessity of governance, guarantee mechanisms, and risk management in the process, noting that local lenders improve standards for their clients. He further stressed that predictable policies and a credible economic program are essential to securing financing, asserting that without clear rules and a credible program, necessary resources cannot be mobilized.
Türkiye aims to progress its green and digital transformation by centering the private sector in efforts to enhance productivity, competitiveness, and resilience. World Bank Managing Director Paschal Donohoe highlighted Türkiye as the International Bank for Reconstruction and Development's largest financing recipient, with a portfolio exceeding $20 billion, 70% of which supports climate change mitigation and adaptation.
Donohoe noted that the World Bank deployed over $210 billion globally in the last five years, bolstering climate resilience for around 424 million people and reducing annual carbon emissions by 345 million tons. He also pointed to cooperation initiatives such as Türkiye's Industrial Decarbonization Investment Platform, which aim to transform climate financing into resilient infrastructure and broader economic prosperity.