Tur­key urges steps for cli­mate fi­nance to de­vel­op­ing coun­tries

The Pak Banker - - Front Page -

IS­TAN­BUL

The US$7.2 bil­lion Cli­mate In­vest­ment Funds (CIF) to­day wrapped up week-long meet­ings here to­day with over $500 mil­lion in fi­nanc­ing al­lo­cated by the Trust Fund Com­mit­tees and Sub-Com­mit­tees for build­ing cli­mate re­silience and dis­as­ter pre­pared­ness, REDD+, and clean tech­nolo­gies in de­vel­op­ing coun­tries.

Turk­ish Deputy Prime Min­is­ter Ali Baba­can ad­dressed the multi-stake­holder CIF Part­ner­ship Forum this morn­ing to kick off two days of knowl­edge ex­change fol­low­ing the gov­ern­ing body meet­ings. “Fi­nan­cial re­sources need to be scaled up im­me­di­ately and sub­stan­tially to sup­port mit­i­ga­tion and adaptation ac­tiv­i­ties in de­vel­op­ing coun­tries. Time is tick­ing away. We should not let the bat­tle against cli­mate change stand still, he urged in his video state­ment.

Tur­key has al­ready tapped CIF Clean Tech­nol­ogy Fund (CTF) fi­nanc­ing of US$250 mil­lion to help it reach its goal of dou­bling re­new­able en­ergy ca­pac­ity by 2020. Tur­key’s CTF in­vest­ment plan is expected to lever­age an ad­di­tional US$2.25 bil­lion for in­vest­ments in en­ergy ef­fi­ciency, re­new­able en­ergy and smart grid up­grades to fa­cil­i­tate greater in­te­gra­tion of re­new­able en­ergy into its econ­omy.

“Cli­mate change is throw­ing ob­sta­cles onto our de­vel­op­ment path,” said Turk­ish Min­is­ter of De­vel­op­ment Cevdet Yil­maz. “The CIF sup­port has al­lowed us to put into mo­tion a vir­tu­ous cy­cle of driv­ing down the costs of re­new­able tech­nolo­gies, build­ing our en­ergy se­cu­rity and re­duc­ing our green­house gas emis­sions, all of which will make us more com­pet­i­tive and boost our growth even in the face of cli­mate change.” Tur­key was given a green light for a sec­ond phase of fund­ing of US$140 mil­lion to ramp up its clean en­ergy and en­ergy ef­fi­ciency in­vest­ments. The Euro­pean Bank for Re­con­struc­tion and De­vel­op­ment co-hosted the Forum. “We have in­vested €10 bil­lion, of which €1 bil­lion in Tur­key, in sus­tain­able en­ergy projects in our coun­tries of op­er­a­tions. We do this be­cause it is good for the planet, but it is also good for busi­nesses and growth,” said EBRD Act­ing Vice Pres­i­dent for Op­er­a­tional Poli­cies, Hans Peter Lankes.

Newspapers in English

Newspapers from Pakistan

© PressReader. All rights reserved.