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

Aircraft, Flight, Transportation

Qatar Airways expands Boeing 777 order book

State-owned Qatar Airways ordered 20 new Boeing 777-9 passenger jets at the Farnborough International Airshow 2024 after announcing record profits in its 27-year history. Additionally, the carrier has committed to 40 new GE9X engines and spare engines, in addition to a long-term services agreement. The total cost of the deal and delivery schedule of the […]

Despite optimism from hedge funds and traders, oil prices remain relatively stable

Analysts optimistic on oil but the price stays steady

Global hedge funds and money managers have become increasingly optimistic about the short term outlook for oil prices in recent months, despite the oil price remaining flat at around $80 a barrel. The net length held by hedge funds and other money managers in WTI (West Texas Intermediate) futures and options has risen to its […]

Nadhim Zahawi, formerly chancellor of the UK, is thought to be leading a consortium of investors for a £600m bid

UAE’s RedBird IMI hopes for speedy sale of The Telegraph

Nadhim Zahawi, the former chancellor of the UK, is fronting one of seven bids to buy the Daily Telegraph newspaper and The Spectator magazine, which is owned by RedBird IMI, a US investment group backed by Abu Dhabi’s International Media Investments. The deadline for the first round of bidding was completed on Friday, although more offers […]

Egypt external debt

Egypt external debt makes record drop

Egypt’s external debt decreased by over $14 billion between December 2023 and May 2024, the steepest drop on record according to its Central Bank (CBE). External debt fell from a record high of $168 billion at the end of December to $154 billion at the end of May, a decrease of 8.4 percent. The drop […]