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Türkiye has embarked on a groundbreaking initiative, the Low-Carbon Pathways (LCPs) project, bolstered by the European Bank for Reconstruction and Development (EBRD), aimed at spearheading decarbonisation efforts across key industrial sectors such as steel, cement, aluminium, and fertilisers.
The LCPs, crafted through extensive collaboration with sector associations and stakeholders, serve as a blueprint for driving the nation’s decarbonisation agenda forward. By providing strategic insights into technology adoption and green financing, the initiative sends a resounding message to domestic and international players regarding Türkiye’s commitment to accelerating its transition to a low-carbon economy.
Key to the LCPs is their comprehensive approach to infrastructure development, offering guidance on critical aspects like logistics, grids, carbon storage, renewable energy, and green hydrogen deployment. With Türkiye setting a net-zero target for 2053, industrial decarbonisation emerges as a crucial imperative, with over US$ 70 billion in investments needed to slash emissions by 135 million tonnes CO2 annually.
Moreover, the LCPs deliver vital policy recommendations to foster an enabling market environment conducive to industrial decarbonisation, including the establishment of a Turkish Emissions Trading System aligned with EU regulations. As the four targeted sectors fall under the EU’s Carbon Border Adjustment Mechanism, adherence to the roadmaps promises to enhance export competitiveness, attract greater investment, and reduce reliance on imported fossil fuels, all while curbing pollution and creating new employment opportunities.
The EBRD’s steadfast commitment to green investments in Türkiye underscores its role as a catalyst for sustainable development. With a significant portion of its record investments in 2023 allocated to green projects, the EBRD stands poised to support Türkiye’s ambitious climate goals. Arvid Tuerkner, Managing Director for Türkiye at the EBRD, expressed optimism about the LCP initiative, affirming the bank’s readiness to facilitate Türkiye’s transition towards a greener future.
In parallel, Türkiye is forging ahead with the establishment of a dedicated business platform geared towards mobilising investments essential for realising the LCPs’ objectives. By fostering collaboration among project developers, technology providers, financiers, and investors, the platform aims to streamline project development, facilitate knowledge exchange, and expedite climate action.
With almost €19.5 billion invested in 440 projects and trade facilitation lines since 2009, predominantly in the private sector, the EBRD remains a linchpin in Türkiye’s sustainable development journey. |
