Türkiye will unveil its industrial decarbonisation platform at COP31 in Antalya, aiming to mobilise more than $6 billion by 2030 for steel, aluminium, cement and fertiliser, with $250 million of initial funding already provided.
Türkiye is preparing to unveil its industrial decarbonisation platform at the COP31 climate summit in Antalya, officials have said. The Türkiye Industrial Decarbonisation Investment Platform (TIDIP) aims to mobilise more than $6 billion by 2030. It targets steel, aluminium, cement and fertiliser. The Climate Investment Funds’ Clean Technology Fund has provided $250 million in initial funding.
COP31 runs from 9 to 20 November. The industrial decarbonisation platform will be presented through a joint declaration. New financial institutions are expected to join it. Four bodies established it together. They are 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).
The unveiling is planned and has not yet taken place. The announcement does not name the further lenders expected to sign. The final size of the partner group is open.
Targets and technology areas
TIDIP targets an annual reduction of 20 million tonnes of CO2 equivalent. Its focus sectors are iron and steel, aluminium, cement and fertiliser, which are among the hardest industries to decarbonise. Funding is organised around five technology areas. They are green hydrogen, point-source carbon capture, site-wide energy efficiency retrofits, renewable power generation and other climate technologies. The industrial decarbonisation platform therefore spans both fuel switching and efficiency work.
The EU is a central partner. The bloc’s IPA III programme for 2021 to 2027 includes up to €5.7 billion ($6.4 billion) in support. That support is linked to the framework. Mehmet Fatih Kacir, Türkiye’s industry and technology minister, said the initiative aims to strengthen cooperation with the EU on the green transition. He said EU support would “significantly strengthen the platform” and mobilise more financing for decarbonisation investments.
Kacir added that Türkiye aims to build on 20 years of cooperation with the EU. He pointed to next-generation technologies and strategic investments. Reports on the plan also say it should deepen investment ties with European markets. They add that it should help Turkish exporters prepare for the EU Carbon Border Adjustment Mechanism (CBAM).
Where the platform comes from
The industrial decarbonisation platform dates from 2024. The EBRD launched it in Ankara with the World Bank Group and the IFC. At that stage it targeted €5 billion of investment by 2030. It also targeted annual cuts of more than 20 million tonnes of carbon emissions. The EBRD described it as the world’s largest industrial decarbonisation programme to date.
Initial low-carbon pathways covered steel, aluminium, cement and fertiliser. Glass, ceramics and chemicals are due to follow as their pathways are developed. The EBRD said nearly half of Turkish exports go to the EU. Cutting emissions in carbon-heavy industry is therefore needed to stay competitive. The bank has also backed a Turkish cement producer with €50 million for decarbonisation.
The Climate Investment Funds has approved $250 million in catalytic funding for Türkiye’s industrial decarbonisation plan. It expects the plan to mobilise about $2.8 billion in total. Multilateral development banks would provide $1.93 billion. The private sector and other sources would provide $870 million. The plan targets reductions or avoidance of 39 million tonnes of CO2 equivalent a year by 2035. About 378 businesses should gain better access to green finance by 2035.
The development banks involved in that plan include the Asian Development Bank, the EBRD and the World Bank Group. The plan sits alongside Türkiye’s 2025 Climate Law, its pilot national emissions trading system and its goal of net zero by 2053.
For industrial emitters, the COP31 declaration will show which lenders commit alongside the existing partners. Producers in the four focus sectors should watch how the industrial decarbonisation platform sets eligibility and pricing for transition finance. Those terms will shape how quickly Turkish steel, aluminium, cement and fertiliser plants can fund projects. CBAM costs will rise as the EU default mark-ups increase.
