Turkey and Europe join up to promote carbon trading

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The European Energy Exchange (EEX) and Turkish energy bourse Enerji Piyasalari Isletme A.S (Epias) have signed a memorandum of understanding to develop carbon emissions trading in Turkey.

“We look forward to working with Epias in creating a robust emissions trading system (ETS) in Turkey by providing our expertise in carbon markets,” said EEX chief executive officer Peter Reitz in a statement.

“National emissions trading systems are essential to create a global carbon price, and hence, an important market-based tool to drive decarbonisation,” he added.

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Epias chief executive officer Taha Meli Arvas added that the bourse is committed to developing and operating a well-functioning ETS that will collaborate with European energy markets.

The financial details were not disclosed.

EEX, a subsidiary of Deutsche Boerse, builds platforms for carbon emission permits trading worldwide. Its expertise spans most of the European Union, in addition to the UK, New Zealand, the Asia Pacific and North America.

In October 2023, Saudi Arabia’s Public Investment Fund established the Regional Voluntary Carbon Market Company to support businesses and industries in the region to achieve ‘net zero’ by holding carbon credit auctions.