Türkiye to unveil major decarbonization platform at COP31

Türkiye is planning to unveil the Türkiye Industrial Decarbonization Investment Platform (TIDIP) at the upcoming 31st UN climate change conference (COP31) in the nation's southwestern Antalya province.

Antalya will host COP31 on Nov. 9-20, with a primary focus on establishing complementary partnerships to support the new platform.

The new scheme was established through the joint efforts of the Turkish Industry and Technology Ministry, the European Bank for Reconstruction and Development (EBRD), the International Bank for Reconstruction and Development (IBRD) and the International Finance Corporation (IFC).

The investment platform targets carbon-intensive sectors, such as iron and steel, aluminum, cement and fertilizer, with plans to mobilize over $6 billion by 2030 and achieve an annual reduction of 20 million tons of carbon dioxide equivalent emissions.

The Climate Investment Funds' Clean Technology Fund has already provided $250 million in initial funding to kick-start the initiative, while new financial institutions are also expected to join the joint declaration that will unveil the scheme at COP31.

Decarbonization investments will be grouped under the main themes of green hydrogen, carbon capture, energy efficiency, renewable electricity and climate technologies.

Mehmet Fatih Kacir, Turkish industry and technology minister, said the new initiative aims to strengthen Ankara's cooperation with the EU in the green transition.

“We believe that the €5.7 billion ($6.4 billion) in EU support to the platform during the IPA III (Instrument for Pre-accession Assistance in 2021-2027) period will significantly strengthen the platform and mobilize more financing for decarbonization investments, as we aim to build on the foundation we already established between Türkiye and the EU over the past 20 years and deepen our partnership via next-generation technologies and strategic investments,” he said.