Turkey’s Ministry of Industry and Technology and the Glasgow Financial Alliance for Net Zero (GFANZ) signed a memorandum of understanding at the 31st UN Climate Change Conference (COP31) to cooperate on financing the decarbonization of Turkish industry. GFANZ will become the private-sector finance partner of the Turkey Industrial Decarbonization Investment Platform (TIDIP).
Industry and Technology Minister Mehmet Fatih Kacır said the agreement would strengthen TIDIP’s work to secure private financing and connect industrial transition projects in Turkey with international capital.
The partners plan to establish a Private Finance Engagement Program bringing together financial institutions, investors, government agencies and development finance institutions. GFANZ will work with the ministry, the TIDIP Secretariat and its partners to identify financing barriers, make projects more attractive to investors and explore ways to mobilize private capital.
Regular workshops, working groups and other forums are planned to connect investors with companies working to cut industrial emissions. The ministry may also invite GFANZ to join a TIDIP advisory body, where it could provide technical expertise and private-sector perspectives.
TIDIP was established by the ministry in cooperation with international financial institutions, including the European Bank for Reconstruction and Development, the World Bank and the International Finance Corporation. The platform aims to support a shift to low-carbon industrial production. Its priority sectors include iron and steel, cement, aluminum and fertilizers.
By 2030, TIDIP aims to mobilize more than €100 million for technical assistance and concessional finance, and support decarbonization projects worth over €5 billion. It targets annual greenhouse gas emissions reductions of more than 20 million metric tons of CO₂ equivalent. The platform also supports Turkey’s National Green Deal Action Plan and the country’s 2053 net-zero emissions target.
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