{"id":7959,"date":"2026-11-12T16:30:00","date_gmt":"2026-11-12T13:30:00","guid":{"rendered":"https:\/\/mikhailinvest.com\/turkey-agrees-to-record-1-6-billion-climate-policy-funding-deal\/"},"modified":"2026-11-12T16:30:00","modified_gmt":"2026-11-12T13:30:00","slug":"turkey-agrees-to-record-1-6-billion-climate-policy-funding-deal","status":"publish","type":"post","link":"https:\/\/mikhailinvest.com\/zh\/turkey-agrees-to-record-1-6-billion-climate-policy-funding-deal\/","title":{"rendered":"Turkey Agrees to Record $1.6 Billion Climate Policy Funding Deal"},"content":{"rendered":"

Turkey and the Asian Infrastructure Investment Bank (AIIB) on Thursday agreed on a $1.6-billion climate financing package to support Turkey\u2019s climate goals in the biggest climate-focused deal of the Asian bank to date.\u00a0<\/p>\n

The deal was \u5ba3\u5e03<\/a> in Antalya, where Turkey is hosting the COP31 global climate summit until November 20.\u00a0\u00a0\u00a0<\/p>\n

Under the agreement, AIIB founding member Turkey will access a Climate-Focused Policy-Based Financing (CPBF) loan for the T\u00fcrkiye Climate Action Acceleration Program (TCAAP) with supplemental financing under AIIB\u2019s Energy, Food Security and Economic Resilience Facility (TCAAP-SF) in equal amounts.\u00a0<\/p>\n

The climate package to Turkey is AIIB\u2019s largest climate-focused policy-based financing package to date, aimed at supporting Turkey\u2019s Climate Law and its Second Nationally Determined Contribution, which sets a 2035 emissions target as part of the country\u2019s pathway to net zero by 2053.\u00a0<\/p>\n

Turkey, for its part, has recently unveiled its new energy plan to 2040, which targets total investments of $500 billion<\/a> in energy infrastructure.\u00a0<\/p>\n

The new energy plan looks to slash the import bill while strengthening the homegrown resources, including gas in the Black Sea<\/a> and a fourfold jump in installed solar and wind power capacity.\u00a0<\/p>\n

Turkey looks to boost its energy independence and eventually become energy independent, the Minister of Energy and Natural Resources, Alparslan Bayraktar, said last week.\u00a0\u00a0<\/p>\n

The country aims to boost its wind and solar installed capacity fourfold to 175 gigawatts (GW) by 2040, and raise the share of renewable energy of its installed electricity-generation capacity to 77%.\u00a0<\/p>\n

In the new era of mobility, Turkey will also target 20 million electric vehicles (EVs) by 2040, while policies to increase energy efficiency are expected to bring $240 billion in savings, Bayraktar said.\u00a0<\/p>\n

Last year, Turkey ranked fourth in Europe<\/a> in EV sales, with 190,000 fully electric vehicles sold, or 17% of total new car sales, energy think tank Ember says.\u00a0\u00a0\u00a0<\/p>\n

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