A new program has been launched by the European Bank for Reconstruction and Development (EBRD) and the European Union (EU) to transform Türkiye's maritime sector. The program aims to promote green investments and climate-friendly technologies, with a budget of €70 million.
The Maritime Decarbonisation and Green Shipping Program for Türkiye will focus on upgrading ports and vessels with environmentally friendly technologies. It consists of two main components: investments in ports and vessels, and technical assistance and capacity building. The program also aims to strengthen Türkiye's institutional and regulatory frameworks.
In order to achieve a net-zero economy by 2053, Turkey's decarbonization agenda places a significant emphasis on the transportation sector. The program supports private and public sector investments that reduce emissions and increase resilience against climate disruptions in order to address issues like aging fleets and climate change risks.
The EU will contribute €20 million to the program, while the EBRD will provide €50 million. The partnership between the EBRD and EU demonstrates their commitment to promoting a sustainable future for Türkiye's maritime sector.
The program aligns with Türkiye's efforts to combat climate change, including its approval of the Paris Agreement in 2021 and its net-zero emissions pledge by 2053. Improving the transport sector and port infrastructure are key priorities in Türkiye's decarbonization agenda.
By facilitating the use of environmentally friendly technologies and green fuels, the EU aims to break down barriers to decarbonization in Türkiye's maritime sector. The program will drive innovation and encourage the adoption of sustainable alternatives.
The EBRD's investments in Türkiye highlight its commitment to a green transition. In 2022, over half of the bank's investments in Türkiye, totaling €1.63 billion, were dedicated to projects supporting the country's shift to a greener, lower-carbon, and more resilient economy.
The implementation of this program represents an important step in Turkey's maritime industry's transformation into one that is environmentally friendly and sustainable. The program seeks to clear the way for a greener future through investments and teamwork.