The European Bank for Reconstruction and Development (EBRD) has announced that, together with support from itself, the World Bank and International Finance Corporation (IFC), Turkey has launched its Industrial Decarbonization Investment Platform (TIDIP) to achieve its emissions targets. Turkish exporters will face higher costs once Europe’s Carbon Border Adjustment Mechanism (CBAM) fully takes effect. Therefore, decarbonization of carbon-heavy industries is a necessity if Turkish companies are to increase their competitiveness, attract investments and manage their costs.
Accordingly, the world’s largest industrial decarbonization program aims to decarbonize Turkey’s steel, aluminum, cement and fertilizer industries, and to create roadmaps for critical technologies and financing and policy measures in order to ensure sustainability in decarbonization efforts. Moreover, the program will not only pave the way for sustainable economic development, but also for energy security. Additionally, the TIDIP plans to invest $5 billion by 2030 to cut more than 20 million mt of emissions per year.