Antalya:Türkiye has announced a new initiative to meet its 2053 net-zero emissions target, aiming to secure $70 billion in investments for decarbonizing heavy industries such as steel, cement, aluminum, and fertilizers. The announcement was made by Mehmet Fatih Kacir, the Turkish Industry and Technology Minister, at the UN climate summit COP31.
According to Anadolu Agency – English, Kacir highlighted that high initial costs, financial risks, and unproven technologies are significant barriers to industrial decarbonization. To address these challenges, the Clean Technology Fund, which is part of the World Bank-hosted Climate Investment Funds, has approved $250 million in concessional financing for Türkiye's Industrial Decarbonization Investment Platform.
This financing is intended to support low-carbon investments in sectors that account for roughly 37% of Türkiye's greenhouse gas emissions and about 28% of its exports. The minister also mentioned ongoing discussions with the Glasgow Financial Alliance for Net Zero to attract private capital for the country's industrial transformation.
Türkiye's efforts to promote green technology include a recent initiative that involved more than $1 billion in World Bank funding for green tech startups and manufacturers. Additionally, a $250 million financing agreement with the Islamic Development Bank has been signed to develop sustainable organized industrial zones.
Kacir introduced an expanded scheme for Türkiye's Industrial Decarbonization Investment Platform, aiming to mobilize over £5 billion ($5.5 billion) by 2030. Achieving this goal could result in an annual reduction of over 20 million tons of carbon dioxide equivalent emissions.
The minister welcomed new partners to the platform, including the European Commission, the European Investment Bank, and the Islamic Development Bank, joining existing contributors such as the European Bank of Reconstruction and Development (EBRD), the World Bank, and the International Finance Corporation. The EU has committed £5.7 million in technical support to assist heavy industries in conducting feasibility studies and developing structured financing.