COP31 preparations focus on EU climate policy and Turkish energy financing

As preparations for COP31 in Antalya intensify, European Union institutions are clarifying their negotiating positions. The European Parliament’s Committee on Environment, Public Health and Food Safety (ENVI) has adopted a draft resolution focusing on four key pillars: phasing out fossil fuel subsidies with a clear timeline, prioritizing grant-based and concessional climate finance to bridge the funding gap, tripling adaptation finance by 2035, and operationalizing a just transition mechanism. The EU Council is expected to finalize its own negotiating position in mid-October.

In Turkey, the banking sector is positioning itself to support the energy transition required for upcoming climate commitments. The Banks Association of Turkey reported that the banking sector has provided 695 billion TL in loans for energy projects, with 347 billion TL specifically directed toward renewable energy. Experts note that achieving a 35% electrification share by 2035 will require significant investment, and the upcoming COP31 summit presents a strategic opportunity for Turkey to lead on international climate commitments.