Türkiye has launched an ambitious project to reduce carbon emissions across critical industrial sectors, including the country’s steel industry.
Developed in cooperation the European Bank for Reconstruction and Development (EBRD), the Industrial Decarbonisation Investment Platform (TIBID) is claimed to be ‘a significant push’ for greener industry practices and international competitiveness.
The EBRD is leading a EUR 5 billion investment drive for TIDIP, with additional support from the World Bank among others. The goal is an annual reduction of 20 million tonnes of carbon emissions by 2030.
Carbon-intensive industries
TIDIP focuses on Türkiye’s most carbon-intensive sectors, including steel, cement, fertiliser, and aluminium. Plans are underway to include glass, ceramics and chemicals.
The initiative does not come out of the blue. The EU’s Carbon Border Adjustment Mechanism, which imposes tariffs on imports based on carbon footprints, has added urgency to Türkiye’s decarbonisation efforts. As a major trading partner of the EU, Türkiye must align with ever-strict environmental standards to protect its exports and remain competitive in European markets.
Boosting steel
The steel industry, a cornerstone of Türkiye’s economy, is expected to benefit significantly from TIDIP. By promoting sustainable practices, the initiative will enhance the industry’s appeal to eco-conscious investors and trading partners, experts believe.
Overall, the initiative could reshape the country’s broad industrial landscape, ensuring long-term growth and aligning with the global transition to a low-carbon economy.
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