A 500 million euros European support for green transformation in Turkey

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Arthur Bogosian, Deputy Head of Financial Institutions in Turkey at the European Bank for Reconstruction and Development, announced that they will provide 500 million euros in support to Ankara to support green transformation policies.

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Speaking on Tuesday, he added that their climate goals have become more ambitious following Turkey’s ratification of the Paris climate agreement, pledging to net zero carbon emissions by 2053.

He explained that their aforementioned support for Ankara comes within the framework of the Green Economy Fund (GEFF) earmarked for Turkey.

He pointed out that the mentioned support is the largest of its kind among the support funds provided to Turkey by the European Bank for Reconstruction and Development in the energy framework.

He stressed that the size and details of the Green Economy Fund are in line with Turkey’s climate goals.

Turkey announced in late 2021 its parliament’s ratification of the Paris climate agreement, bringing it into force in the country.

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Turkey is among the countries that expressed their support for the Paris climate agreement in 2015, but it did not submit it to its parliament for ratification during the last period.

This is because of her objection to the unfairness that was perpetuating her with regard to the subject of the obligations.

The Paris Climate Agreement is the first comprehensive international agreement on climate protection that was reached on December 12, 2015 in the French capital during the COP21, after protracted negotiations between representatives of 195 countries.