Türkiye is bordered by Bulgaria, Greece, Georgia, Armenia, Azerbaijan/Nakhichevan, Iran, Iraq, and Syria. It also has a coastline along the Black Sea, the Aegean Sea, and the Mediterranean Sea. Türkiye is vulnerable to frequent floods that cause localized losses. Climate change will likely lead to more intense precipitation, thereby increasing the risks of fluvial and pluvial flooding, and rising sea levels, which will heighten the risks of flooding in the low-lying areas of river deltas and coastal cities.
INVESTING IN TÜRKIYE
CIF’s investment in Türkiye is through its Clean Technology Fund (CTF). Türkiye’s $440-million, multiphased CTF investment plan is supporting wind power expansion, smart-grid upgrades, and complementary programs with local banks and leasing companies in order to address market barriers and drive investments in renewable energy and energy efficiency.
In the first phase alone (through end-2012), $172 million from the investment plan helped to mobilize $1.8 billion through 430 subprojects via local financial intermediaries. Savings have amounted to 902,000 tons of carbon dioxide equivalent and $568 million in avoided oil imports per year.
As CTF investments have continued, the impact of the investment plan on the energy efficiency market has been most notable. This market progressed from being barely existent to one financed on purely commercial terms.
Through the CIF-TAF, there was over $ 1.5 million programmed for technical assistance activities in 2021. The programs covered an array of topics such as assisting long-term recovery from Covid-19 by scaling up climate corporate governance in the corporate sector, development of the e-mobility industry to support climate mitigation, improving the management of coastal protected areas and econsystems to grow climate resilience and rural development issues financing, and low carbon development planning.
Türkiye Projects
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