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Türkiye harmonises with CBAM through green export project

Türkiye has taken an important step towards compliance with the European Union's Cross Border Carbon Adjustment Mechanism (CBAM).

Türkiye harmonises with CBAM through green export project

According to the Global Trade Review, Turkish Eximbank has secured a €1 billion trade credit facility under a World Bank guarantee. The loan was provided by Deutsche Bank, Standard Chartered, BNP Paribas and ING and was signed in May.

Turk Eximbank stated that this deal is the largest borrowing operation it has ever undertaken. The International Bank for Reconstruction and Development (IBRD) provided a first-loss guarantee of EUR 600 million to the lenders. The Turkish Ministry of Finance and Treasury also provided a counter-guarantee for the loan.

The loan proceeds will provide financing for the production of environmentally friendly products, the use of renewable energy and energy efficiency investments to exporters that will be affected by the entry into force of CBAM. ‘We believe that the Green Export Project will lead the green transition of our exporters and support our country to reach its 2053 net zero emission target,’ Türkiye Ministry of Finance said.

Türkiye continues to develop its national emissions trading scheme to harmonise with the EU's new carbon regulations. According to research by the International Emissions Trading Association (IETA), Europe's carbon regulations are encouraging other countries to take similar measures. Türkiye Green Export Project will facilitate exporters' compliance with CBAM and contribute to sustainable development goals

 

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