The “Opportunities in Green Growth and the Roadmap to Success” panel was held at Borsa İstanbul.

09 November 2024

The “Opportunities in Green Growth and the Roadmap to Success” panel discussion was held at Borsa İstanbul, organized in collaboration with the Integrated Reporting Association Türkiye (ERTA) and the Public Oversight, Accounting and Auditing Standards Authority (KGK).

Mehrali Ecer, Deputy Director of Climate Change, delivered a speech on behalf of the Directorate of Climate Change.

Addressing the essential requirements for the successful implementation of the Green Taxonomy, Deputy Director Mehrali Ecer stated: “We view the economic consequences of climate change and the resulting risks of instability in financial markets as critically important. Achieving our 2053 Net Zero Emission Target necessitates a significant transformation across all sectors, alongside comprehensive investment initiatives. Consequently, access to financing is vital for the contributions our country will make in the fight against climate change.”

“We are developing the legislation for Türkiye’s Green Taxonomy”

Ecer noted that the Green Deal Action Plan aims to mobilize green finance within the country and support green transformation across all relevant policy areas, stating: “We are currently developing the legislation for Türkiye’s Green Taxonomy, which defines the criteria an economic activity must meet to be considered sustainable.

We intend for the Green Taxonomy of Türkiye to serve as a tool that provides security and protection for investors while helping companies direct their investments toward the areas where they are most needed.”
The primary agenda of COP29:

The New Collective Quantified Goal (NCQG)

Sharing his views on climate finance—the central theme of COP29—Ecer remarked: “The primary agenda of COP29 is the ‘New Collective Quantified Goal,’ or NCQG, which represents the new long-term climate finance target. The NCQG decision will determine the total amount of financing that developed countries will provide to developing nations for the post-2025 period. As you know, the previous target was set at USD 100 billion annually, and according to OECD data, this figure was only reached in 2022. Our first priority is to ensure the new target is shaped by the climate finance needs of all developing nations and to restore trust in this process.”

“Minister of Environment, Urbanization and Climate Change Murat Kurum will announce our Long-Term Climate Strategy at COP29”

Ecer provided updates on Türkiye’s initiatives regarding the 2053 Net Zero Emission and Green Development targets: “In the context of COP29, our country is undergoing an intensive and comprehensive process to reach its climate targets on both the national and international stage. Within this framework, our Minister of Environment, Urbanization and Climate Change, Mr. Murat Kurum, will announce our finalized Long-Term Climate Strategy at COP29. This strategy will ensure inter-sectoral alignment in line with the 2053 Net Zero Emission Target and provide a long-term vision for emission reduction and climate change adaptation across all fields. We have developed climate change mitigation and adaptation strategies and action plans with the participation of all stakeholders. Through the implementation of these plans, we aim to go beyond the targets specified in our Nationally Determined Contribution (NDC). In the new NDC cycle, our goal is to achieve even higher climate targets and establish a robust implementation process.”