The European Union (EU) and the European Bank for Reconstruction and Development (EBRD) unveiled a joint plan on Monday to fund around €70 million for the decarbonization of the maritime sector in Türkiye.
Prepared in consultation with Türkiye's Transport and Infrastructure Ministry, 'the Maritime Decarbonisation and Green Shipping Program' will focus on green investments to develop climate mitigation technologies that aim to accelerate the country’s shift towards a low-carbon economy.
The EU will provide roughly €20 million to the program, which aims to reform the marine sector as a whole, while the EBRD will contribute €50 million to boost green investments as well as technical assistance and capacity building.
'We are confident that our funds, assistance and dialogue will work to align Türkiye's maritime sector with rapidly progressing international standards, securing a greener future for the country,' Sue Barrett, the EBRD’s director for infrastructure in Türkiye, the Middle East and Africa, was quoted as saying in a statement.
Turkiye had accelerated its steps in the fight against climate change with the approval of the Paris Agreement in October 2021. In line with this goal, the country confirmed the same year its net zero pledge by 2053.
Improvements in the transport sector as well as port infrastructure and services are prominent in the country's decarbonization agenda to achieve a net zero economy by 2053.
'By facilitating the pilot use of environmentally friendly, frontier technologies and green fuels, the EU will be playing a critical role in breaking the existing barriers to the decarbonization of Türkiye's maritime sector,' said Nikolaus Meyer Landrut, head of the EU delegation to Türkiye.
'The European experience shows that without strong incentives, the barriers to innovative technologies and the use of alternatives cannot be overcome,' he concluded.
More than half of the EBRD's investments in Türkiye last year were part of the bank's green economy transition fund, which focused on initiatives aimed at accelerating the country's transition to a greener, lower-carbon, and more resilient economy.
In 2022, the bank invested €1.63 billion in Türkiye, the highest annual investment volume in all the economies where the bank operates.
By Duygu Alhan
Anadolu Agency
energy@aa.com.tr