Sign in
Turkey has launched the Turkey Industrial Decarbonisation Investment Platform (TIDIP) to support decarbonization efforts across hard-to-abate industries, according to a statement. Spearheaded by the European Bank for Reconstruction and Development (EBRD), the platform plans to mobilize EUR 5 bn in investments by 2030 to reduce over 20 mn tons of carbon emissions annually. Key industries that will be targeted by the initiative include steel, cement, aluminum, and fertilizer, with plans to expand to other sectors like glass, ceramics, and chemicals.
(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)
About the platform: The TIDIP leverages the low-carbon pathway (LCP) concept co-developed by the EBRD and Türkiye’s Ministry of Industry and Technology. These pathways create roadmaps for sustainable decarbonization involving critical technologies, financing, and policy measures. The platform would also better position Turkey’s industry in the face of heightened decarbonization competition ahead of the EU’s Carbon Border Adjustment Mechanism.
EBRD 💚 Turkey’s green projects: EBRD extended a EUR 25 mn loan to Turkey’s QNB Finansleasing to support on-lending for green economy initiatives last month. It also extended a USD 60 mn (EUR 55 mn) loan to Turkish renewable energy firm Borusan EnBW Enerji in September for building a 116 MW onshore wind energy project in Sivas and Tekirdağ. Earlier in August, the Turkish multinational snack manufacturer Ulker received USD 90 mn from EBRD in its first sustainability-linked Eurobond issuance.
Turkey had a busy year: Turkey was working on renewable energy regulation amendments to boost private sector investments in a bid to quadruple wind and solar power to 120 GW by 2035. It also aims to achieve a total installed renewable energy capacity of 120 GW by 2035, marking a fourfold increase from current levels in its 2035 Renewable Energy Roadmap. The roadmap estimates the investments needed to reach the target to be around USD 80 bn. Key projects contributing to this goal include the YEKA 2024 projects, including the development of wind power plants (WPP) and solar power plants (SPP) across various regions.
