Turkey urges steps for climate finance to developing countries
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.