Antalya:Turkish Vice President Cevdet Yilmaz has called upon global leaders at COP31 to focus climate finance on the green transition of heavy industries.

According to Anadolu Agency – English, Yilmaz emphasized the connection between climate goals and economic competitiveness during the Business and Investment Summit at the UN climate event, organized by the Turkish Union of Chambers and Commodity Exchanges (TOBB). He advocated for an increase in global climate finance from $2 trillion in 2024 to at least $6.2 trillion by 2035.

Yilmaz highlighted that emerging markets and developing economies, excluding China, receive about $426 billion in climate finance. He pointed out the significant gap in funding for low- and near-zero-emission steel and cement production, with projections requiring over $500 billion from 2026 to 2035, while finalized investments currently stand at only $20 billion. This gap underscores the need for accessible financing, infrastructure, and market predictability to drive investment decisions.

During COP31, the Antalya Green Industrialization Compact was introduced, committing nations to expedite clean industrial transitions. Yilmaz noted that reducing Turkey's reliance on imported fossil fuels is crucial for meeting its 2043 net-zero emissions target, linking the green transition to industrial competitiveness and the reduction of the current account deficit.

Furthermore, Yilmaz discussed the Climate Action Bridge initiative, which aids developing nations in converting their climate and development goals into investable projects. He also mentioned the potential economic benefits of modernizing grid architecture and implementing clean technologies powered by artificial intelligence and digital energy management systems.