EU, Ministry of Transport and Infrastructure involved in program to decarbonize sector
- EBRD launches maritime program in Türkiye
- Funds to promote greener investments and technologies in the maritime sector
- Program to include donor funds, EU contribution
LONDON: The European Bank for Reconstruction and Development (EBRD) has launched a program to modernize the maritime sector in Türkiye, facilitating green investments and climate mitigation technologies that aim to accelerate the country’s shift to a low-carbon economy.
The Maritime Decarbonisation and Green Shipping Programme for Türkiye, developed in consultation with the Turkish Ministry of Transport and Infrastructure and the European Union (EU) Delegation to Türkiye, will focus on green investments that seek to update the sector while promoting environmentally friendly technologies in ports and vessels.
The total cost of the program is estimated at €70 million. The EU will provide €20 million of that.
With two main components, the program will promote investments in ports and vessels, along with technical assistance and capacity building. It will also support the country’s institutional and regulatory frameworks to ensure the wide-ranging transformation of the sector.
The transport sector plays a key role in Türkiye’s decarbonisation agenda, which aims to achieve a net-zero economy by 2053. The country’s port infrastructure and services require improvement, with ageing fleets and vulnerability to climate change risks endangering green progress.
The program will support both private- and public-sector investments capable of having a positive impact, be it reducing emissions or helping sectoral players to better mitigate disruptions caused by the climate crisis.
Sue Barrett, the EBRD’s Director for Infrastructure in Türkiye, the Middle East and Africa, welcomed the program, saying: “Change is continuous, but never easy. The EBRD is pleased to be joining forces with the EU and Türkiye’s Ministry of Transport and Infrastructure at this significant stage, with a program capable of generating sector-wide, transformational impact. We are confident that our funds, assistance and dialogue will work to align Türkiye’s maritime sector with rapidly progressing international standards, securing a greener future for the country.”
Head of the EU Delegation, Ambassador Nikolaus Meyer Landrut said: “The EU-Türkiye cooperation will bring certain innovative technologies to Türkiye’s maritime sector and create a strong demonstration effect for the industry. By facilitating the pilot use of environmentally friendly, frontier technologies and green fuels, the EU will be playing a critical role in breaking down the existing barriers to the decarbonisation of Türkiye’s maritime sector. The European experience shows that without strong incentives, the barriers to using innovative technologies and alternatives cannot be overcome.”
The EBRD remains the leading institutional investor in Türkiye, with cumulative investment in the country to date of more than €17.3 billion.
Over half of the Bank’s 2022 investments in Türkiye were part of the Bank’s Green Economy Transition approach, focusing on projects that aim to accelerate the country’s shift to a greener, low-carbon and resilient economy. The Bank invested €1.63 billion in Türkiye in 2022, the highest volume of annual investment of all the economies in which the Bank operates.
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