Turkey Signs $5.1 Billion Climate Agreements at COP31 in Antalya

A mass signing ceremony took place in Antalya under the COP31 framework between Turkey's Treasury and Finance Ministry and several multilateral development banks. The agreements, worth 5.1 billion dollars, were signed with the Asian Development Bank, Asian Infrastructure Investment Bank, World Bank, and Islamic Development Bank.

Finance Minister Mehmet Şimşek signed on behalf of Turkey alongside ADB President Masato Kanda, AIIB President Zou Ciayi, and World Bank Group President Ajay Banga. Şimşek stated that Turkey demonstrated implementation to the world and that projects were prepared and financed.

“Green transition is no longer a choice, it is a necessity.”

The minister said the projects will create employment and strengthen the economy, adding that the next step is implementation. He noted that Turkey secured about 50 billion dollars in external financing from development partners since 2023 through its economic program.

Şimşek said the funds were directed to earthquake zone reconstruction, railway and renewable energy projects, industrial decarbonization, earthquake-resistant hospitals, exporters, and SMEs. He described 50 billion dollars over three years as a strong figure and said a strong project portfolio lies ahead.

At a separate ECA Finance Summit hosted by Turkish Eximbank with UK Export Finance, Şimşek and UK Climate Transition Minister Katie White delivered opening remarks. The summit addressed climate vision, sustainable investment financing, resilient supply chains, and international cooperation on green investments.

Şimşek said the world needs concrete projects that contribute to employment and economic growth rather than more ambitious pledges. He encouraged the two export credit banks to work together, calling the cooperation highly beneficial for the future.

The minister warned that carbon-free development is necessary because the European Union has activated the Carbon Border Adjustment Mechanism and Turkey exports 55 percent of its goods to Europe. He said products cannot be sold unless industry is decarbonized and energy is used more efficiently.