Turkish Industry Decarbonization Investment Platform will be introduced at COP31

According to the information compiled by the AA correspondent, Türkiye will host the COP31 event in Antalya on November 9-20.

In this context, special importance is given to the complementary relationship to be established with TIDIP, which was established as a result of the joint efforts of the Ministry of Industry and Technology, the European Bank for Reconstruction and Development (EBRD), the International Bank for Reconstruction and Development (IBRD) and the International Finance Corporation (IFC).

Focusing on the iron and steel, aluminum, cement and fertilizer sectors, TIDIP aims to support investments of more than 5 billion euros for the decarbonization of the industry and reduce annual emissions of 20 million tons of carbon dioxide equivalent by 2030.

While a $250 million resource is provided for TIDIP from the Clean Technology Fund of the Climate Investment Funds, TIDIP's Investment Plan and Policy Strategy is expected to set out the guiding framework for industry's access to renewable energy, grid strengthening and priority investment areas.

Official launch at COP31

TIDIP, which is intended to be a strategic mechanism that brings together Türkiye's national industrial policy and international development financing around a common goal, will be officially introduced to the international public at COP31 in Antalya.

It is expected that new financial institutions will participate in the joint declaration regarding TIDIP on the occasion of the summit. The location and time of the event will be announced in the future.

The European Investment Bank, Asian Development Bank and Islamic Development Bank are expected to join TIDIP. The signing ceremony, where these institutions will officially join the platform, is planned to be held at COP31.

Decarbonization investments are grouped under 5 main themes. Projects are evaluated within the scope of one or more of these areas. These themes include green hydrogen, carbon capture, energy efficiency, renewable electricity and climate technologies.

Minister Kacır also evaluated

Minister of Industry and Technology Mehmet Fatih Kacır said that they supported the digital transformation of the manufacturing industry during the IPA III period and carried out projects that will strengthen green transformation, resource efficiency and research capacity.

Kacır emphasized that they want to take the cooperation developed with the EU in the field of green transformation, thanks to TIDIP, to a further level, including international financial institutions, and used the following statements:

"We evaluate that the EU support of 5.7 million euros to be provided for TIDIP within the scope of IPA III will make a significant contribution to strengthening the platform and mobilizing more financing for decarbonization investments of our industry. Our priority in the coming period is to further advance this accumulation we have built up between Turkey and the EU in 20 years, and to deepen our partnership with new generation technologies and strategic investments."