Türkiye ramping up efforts for green industry

Türkiye is ramping up its efforts to transform the industrial sector in compliance with the EU's green deal by implementing a comprehensive and ambitious project.

The size of the Green Industry Project, aimed at facilitating Türkiye's transition to the EU Carbon Border Adjustment Mechanism and reducing carbon emissions in production, is $450 million.

It will be carried out jointly by the Industry and Technology Ministry, the Scientific and Technical Research Council of Türkiye (TÜBİTAK) and the Small and Medium Enterprises Development Organization (KOSGEB).

Türkiye is considered one of the countries most affected by the EU's carbon mechanism, as the bloc absorbs more than 40 percent of the country's exports.

Under the project, $250 million worth of loans will be provided to SMEs to help them with their green transformation.

Also, another $150 million in financing will be made available as grants and financing. The project primarily targets companies that develop green technologies and green products. Along with SMEs, larger companies and universities could benefit from the scheme.

The Industry and Technology Ministry will allocate $25 million for work to identify needs necessary for green transformation in the industry and to train certified green transition experts.

Under the project, SMEs will receive support in the fields of green energy and waste management. SMEs, which want to improve their environment-friendly business models, supply chains, and products, will benefit from tech support.

While the companies will not be allowed to use the resources provided by TÜBİTAK in construction and infrastructure work, they will be able to use them only for research and development activities.

The project...