Skip to content Skip to Search
Skip navigation

European bank backs Turkey’s decarbonisation

Turkey's low-carbon pathways initiative will offer guidance to domestic and global players on the country’s decarbonisation Unsplash/Andreas Felske
Turkey's low-carbon pathways initiative will offer guidance to domestic and global players on the country’s decarbonisation

Turkey has secured the backing from the European Bank for Reconstruction and Development (EBRD) to launch a new initiative to decarbonise its hard-to-abate sectors, such as steel, cement, aluminium and fertiliser.

The low-carbon pathways (LCPs) initiative will offer guidance to domestic and international players on the necessary technology and green financing to accelerate the country’s decarbonisation.

The initiative will bolster infrastructure development by addressing critical aspects such as logistics, grids, carbon storage, renewable energy and green hydrogen.

Turkey has committed to a net-zero target of 2053, making industrial decarbonisation imperative. The LCPs show that investments of more than $70 billion will be needed to decarbonise the selected four sectors by 135 million tonnes CO2 annually.

The LCPs will also provide policy recommendations to create an enabling market environment for industrial decarbonisation, such as establishing a Turkish Emissions Trading System that is aligned with European Union regulations. 

“Turkey has set ambitious climate targets that will require great efforts on the private and the public side, which the EBRD stands ready to support,” said the managing director for Turkey, Arvid Tuerkner.

EBRD is a key investor in Turkey, with almost €20 billion ($22 billion) invested in 440 projects and trade facilitation lines since 2009, predominantly in the private sector.

Latest articles

Adnoc sought advice from investment banks on buying a significant stake in BP, a media report said

UAE’s Adnoc explored acquiring BP

Abu Dhabi National Oil Company (Adnoc) explored the possibility of acquiring British oil major BP but abandoned the plan as it did not fit into its strategic growth objectives, a media report said.  The talks did not advance beyond the initial stages, Reuters reported, citing informed sources.  The UAE state oil company also sought advice […]

Nature, Undersea cables account for as much as 90 percent of Europe-Asia telecommunications, Water

Iraq and Kuwait team up for European telecom corridor

Iraq’s Informatics and Telecommunication Public Company, a division of the Ministry of Communications, has signed an agreement with Kuwait’s Zajil Telecom to create a telecommunications corridor from the Gulf region to Europe, transiting through Iraq and Turkey. The new route will pass through Iraqi sea and land ports. Iraq’s minister of communications Hayam Al-Yasiri said […]

An artist's impression of part of the Diriyah Square development

Diriyah Square planned for historic Riyadh district

A public space featuring 400 retail outlets and 100 restaurants and cafes is planned for the historic Riyadh district of Diriyah. Diriyah Square will be announced next week at the World Retail Congress in Paris and aims to attract a combination of international retail brands and local artisans.  Diriyah Gate Development Authority group CEO Jerry […]

Turkish crude steel output rose 25% year on year to 3.2 million tonnes in January

Turkish steel in the black but EU rules rankle

Turkey’s steel industry has rebounded strongly from a weak 2023, despite facing new emissions standards and competition for important markets.  Crude steel output rose 25 percent year on year to 3.2 million tonnes in January, with domestic consumption of finished steel reaching 3.5 million tonnes, a 20 percent increase.  Exports were also up, increasing 23 […]