Istanbul:Türkiye is urging stronger partnerships in financing to transform climate commitments made at COP31 into concrete investments. Officials and business leaders emphasized the need for collaboration among governments, banks, and international investors during their discussions on Friday.
According to Anadolu Agency – English, Halil Hasar, who serves as the head of climate change at the environment ministry and is the COP31 chief climate diplomacy officer, spoke at the Investment Summit Towards COP31 in Istanbul. He highlighted Türkiye's objective to foster consensus and turn agreements into actionable outcomes. The summit, organized by the presidency's Investment and Finance Office alongside the International Investors Association (YASED), convened policymakers, financiers, and businesses in anticipation of COP31 set to occur in Antalya.
Hasar expressed Türkiye's intent to leverage its peace diplomacy experience for climate negotiations, facilitating collaboration among countries with varying priorities. He urged for dialogues to evolve into consensus and subsequent actions. With the Paris Agreement now in its second decade, Hasar stressed the urgency of accelerating implementation, noting the critical role of private capital in addressing the financing needs of developing countries.
Ziraat Bank CEO Alpaslan Cakar noted that green transition is pivotal for Türkiye's competitiveness, especially amidst developments in the Strait of Hormuz highlighting the need for decreased reliance on imported energy. He revealed that loans from the Turkish banking sector to the energy industry have surpassed 1 trillion Turkish liras, with energy investments through project financing exceeding 695 billion liras and renewable energy loans reaching over 340 billion liras. Cakar emphasized the importance of finance as a facilitator of investment execution, advocating for clear targets, credible transition plans, and transparent reporting to aid industries in emission reduction while maintaining production and export levels.
YASED Chairman Ali Fuat Orhonoglu emphasized the value international investments bring to Türkiye's green transition through capital, technology, and expertise. Representing 280 companies from 35 countries, YASED supports Türkiye's goal of achieving 120 gigawatts of combined wind and solar capacity by 2035. Orhonoglu noted that developing countries face an annual investment gap of approximately $4 trillion to meet sustainable development goals, with nearly half pertaining to energy transition investments. He stated that COP31 presents an opportunity to forge partnerships, but emphasized that lasting benefits depend on predictable investment conditions, modern infrastructure, and necessary reforms.