Asian bank grants $1.6 billion to Turkey
By the AFREEQUE newsroom, based on Sowetan
The Asian Infrastructure Investment Bank is granting Turkey, host country of COP31, a record $1.6 billion in financing to support climate reforms. Turkey estimates it needs an additional $68 billion in climate investment by 2030, the bank said at the Antalya conference.
The Asian Infrastructure Investment Bank (AIIB) has granted Turkey $1.6 billion in financing to support fiscal, financial and sectoral reforms linked to its climate goals, the bank announced on Thursday. It is the largest policy-based climate financing from the AIIB to date, according to its investment director, Konstantin Limitovskiy.
Turkey, host country of COP31 in Antalya, estimates its additional climate investment needs at $68 billion by 2030, about half of which is expected to come from the private sector, according to the AIIB. The programme is notably intended to support implementation of Turkey’s climate law and its goal of carbon neutrality by 2053.
Part of the financing will support the development of Turkey’s emissions quota market. The programme notably aims for 180 facilities to report their baseline emissions by April 2027 and for licences to be granted for 1,800 megawatts of wind and solar capacity by early 2027. It also plans to help 225,000 farmers in water-stressed basins adopt less water-intensive crops and designate 50,000 hectares as carbon sinks by 2028, according to Reuters.
The AIIB recorded a record $7.47 billion in climate financing in 2025, Reuters reports.
