EBRD and Türkiye Join Forces for Green Maritime Development and Climate Mitigation

EBRD and Türkiye Join Forces for Green Maritime Development and Climate Mitigation

(IN BRIEF) The European Bank for Reconstruction and Development (EBRD) has launched a program to modernize Türkiye’s maritime sector and promote green investments and climate mitigation technologies. Developed in collaboration with the Turkish Ministry of Transport and Infrastructure and the European Union (EU) Delegation to Türkiye, the program aims to update the sector, enhance port and vessel technologies, and support institutional and regulatory frameworks. With an estimated cost of €70 million, including a €20 million contribution from the EU, the program aligns with Türkiye’s decarbonization goals and will accelerate its transition to a low-carbon economy. The EBRD is a significant investor in Türkiye, with a focus on promoting green, resilient, and sustainable projects.

(PRESS RELEASE) LONDON, 19-Jun-2023 — /EuropaWire/ — The European Bank for Reconstruction and Development (EBRD), a multilateral developmental investment bank, announces that it has initiated a comprehensive programme aimed at modernizing the maritime sector in Türkiye. The programme focuses on facilitating green investments and climate mitigation technologies to expedite the country’s transition to a low-carbon economy.

Developed in consultation with the Turkish Ministry of Transport and Infrastructure and the European Union (EU) Delegation to Türkiye, the Maritime Decarbonisation and Green Shipping Programme for Türkiye seeks to promote green investments that revitalize the sector while endorsing environmentally friendly technologies in ports and vessels.

The estimated cost of the programme is €70 million, with the EU contributing €20 million.

The programme encompasses two primary components: investments in ports and vessels, and technical assistance and capacity building. It also supports the enhancement of institutional and regulatory frameworks to ensure the holistic transformation of the sector.

Given the crucial role of the transport sector in Türkiye’s decarbonisation agenda, which aims for a net-zero economy by 2053, there is a pressing need to improve the country’s port infrastructure and services. Aging fleets and vulnerability to climate change risks pose threats to sustainable progress.

Sue Barrett, the EBRD’s Director for Infrastructure in Türkiye, the Middle East and Africa, welcomed the programme, 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 programme 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 programme will facilitate private and public-sector investments capable of making a positive impact, whether by reducing emissions or helping industry stakeholders mitigate disruptions caused by the climate crisis.

As the leading institutional investor in Türkiye, the EBRD has made cumulative investments of over €17.3 billion in the country to date.

More than half of the EBRD’s 2022 investments in Türkiye were part of the Bank’s Green Economy Transition approach, focusing on projects that accelerate the country’s transition to a greener, low-carbon, and resilient economy. In 2022 alone, the EBRD invested €1.63 billion in Türkiye, the highest annual investment volume among all the economies in which the Bank operates.

Media contact:

Tel: +44 207 338 7805
Email: press@ebrd.com

SOURCE: EBRD