Turkey prepares for COP31 summit with focus on climate finance

Turkish officials are emphasizing the critical need for climate finance and infrastructure preparation ahead of the COP31 summit, scheduled to be held in Antalya from November 9–20. At the Istanbul Climate Finance Summit, Murat Kurum, Minister of Environment, Urbanization, and Climate Change and COP31 President, highlighted a massive funding gap, noting that while global climate finance needs are estimated between $7.5 trillion and $9 trillion, current levels are only at $1.9 trillion.

Minister Kurum advocated for treating climate security with the same strategic importance as national defense, calling for a global political will to invest in clean energy, water security, and green industry. Complementing this, Energy Minister Alparslan Bayraktar stated that successful energy transition depends on affordable and accessible financing, particularly for emerging economies, to meet Turkey’s 2053 Net Zero Emission target while ensuring energy supply security.

In parallel, Industry and Technology Minister Mehmet Fatih Kacır met with representatives from the International Finance Corporation (IFC) to discuss investment potential in high technology, green, and digital transformation. Discussions focused on leveraging international financing for projects such as the Industrial Areas Master Plan and the Turkey Industry Decarbonization Investment Platform to strengthen Turkey’s position in global value chains.