Climate Focus, a leading advisory company committed to the development of policies and projects that reduce greenhouse gas emissions and Gaia Carbon Finance, the first Turkish carbon finance trading and consulting company announced today that they won an EBRD assignment to support the development of Carbon Finance in Turkey.
Together with the EBRD, Climate Focus will assist Turkey to catch up in the carbon markets. Through their partnership, the EBRD and Climate Focus will address market barriers with the objective of unlocking the potential that carbon market has in Turkey. The activities under a new contract will be focused on introducing and developing carbon finance services at local Turkish banks, which participate in the EBRD-funded sustainable energy finance programme.
Within the Mid-size Sustainable Energy Financing Facility, or MidSEFF, EBRD has offered jointly with the European Investment Bank and Japan Bank for International Co-operation up to 1.1 billion in loans to Turkish banks for on-lending to private sector borrowers to undertake mid-size renewable energy, waste-to energy and industrial energy efficiency investments.
"Climate Focus welcomes the initiative of the EBRD to support carbon finance in Turkey. This consultancy aims at boosting carbon finance in Turkey and therewith provide an important tool for the further development of energy efficiency, large scale energy and infrastructure projects," said Adriaan Korthuis, Director of Climate Focus.
Gediz Kaya, Director of Gaia Carbon Finance commented, "Turkey has a huge potential for energy efficiency and sustainable energy projects. This potential can be unlocked using Carbon Finance with Turkish banks at the centre."
"In Turkey, the EBRD shares the Turkish government's strong determination to reduce energy intensity and ensure the sustainable development of the energy sector. We also promote carbon finance, as an important market-based instrument to leverage investments in sustainable energy proj ects, as carbon credit help to increase projects' revenues," said Jan Willem van de Ven, senior carbon manager with the EBRD.
