BAKU, Azerbaijan, March 26. Türkiye has initiated its low-carbon pathways (LCPs) project, supported by the European Bank for Reconstruction and Development (EBRD), Trend reports.
The project intends to align Türkiye with global sustainability goals by lowering carbon emissions in important sectors such as steel, cement, aluminium, and fertilizers.
The LCPs, developed via significant collaboration with industry groups and stakeholders, provide a roadmap for both local and international entities, detailing the necessary technologies and green funding to accelerate Türkiye's decarbonization.
Key elements include infrastructure development support for logistics, grids, carbon storage, renewable energy, and green hydrogen, crucial for transitioning to low-carbon practices.
Türkiye focuses on the need of industrial decarbonization,
having pledged to achieve net-zero emissions by 2053. The LCPs
emphasize the need for investments over $70 billion to achieve a
considerable reduction of 135 million metric tons of CO2 per year
compared to business-as-usual scenarios.
Furthermore, the project makes policy recommendations for creating
a favorable market environment, including plans for a Turkish
Emissions Trading System that is compliant with EU legislation and
addresses the EU's Carbon Border Adjustment Mechanism.
By adhering to the roadmaps, Türkiye's industrial sectors will
be able to improve their export competitiveness and attract more
investment while lowering their reliance on imported fossil fuels.
LCPs also aim to reduce pollution and create new jobs. The LCPs
serve as a private sector action plan, underlining the importance
of long-term decarbonization while also sharing the technologies
required to attain green goals.
Meanwhile, the EBRD is a significant investor in Türkiye, having
invested almost €19.5 billion in 440 projects and trade
facilitation lines since 2009, the majority of which are in the
private sector.