Turkey sees Climate Change Agreement as financial opportunity: Report
Oct 16, 2021
Ankara [Turkey], October 16 : Turkey is not a party to Climate Change Agreement despite being in it officially as it considers it as a financial opportunity to receive USD 3 billion loan, according to a media report.
It is worth mentioning that Turkey, being a party to Climate change Agreement, is the last G20 country in the G20 group of major economies to ratify the Paris accord.
Sergio Restelli, writing in an Italian newspaper InsideOver said officially, Turkey is a party to Climate Change Agreement, but in practice Turkey is not a party. The reason for this is that it does not see it as a climate deal; it is using it as a financial opportunity. It is known that there is a USD 3 billion loan negotiation behind the Paris Agreement.
Turkey has always seen the climate as money. It has followed a policy of more or less, "Let me change the climate and get paid for it," Restelli said.
"In 2011, development banks spent 90 per cent of their climate funds on, the hydro-electric power plants (HEPPs). Certain groups in Turkey protested that "Climate funds should not be spent on HEPP projects." Later, Turkey secured a USD 300 million loans through its Turkish Residential Energy Efficiency Financing Facility (TuREEFF). Even the air conditioning units benefited from these loans. Turkey Sustainable Energy Financing Facility (TurSEFF) provided 666m Euros in financing. Turkey Mid-Size Sustainable Energy Financing Facility (MidSEFF) provided 1.2 billion Euros. About 17 HES projects benefited from some 274 million Euros of these loans. Nobody knows what good this financing has done, but Turkey has been provided with close to USD 3 billion in finances, and it has increased its emissions by 60 percent in 2019 compared to 2004," Restelli added.
He also said that hopefully, Turkey will be a party to the Paris Agreement. Thus, it will have a USD 3 billion loan. The money that should be allocated for the prevention of climate change will be channeled to the Kanal Istanbul project.
"More funds will be raised through price increases. The untold story of the Paris Agreement may be considered a drama. It has money and loans, asphalt, concrete, coal-oil-gas, even air conditioning units and hydroelectric power plants. But you cannot find the trace of people or the climate conservation," he added.
The Turkish Parliament ratified the Paris climate agreement on October 6, making it the last G20 country to do so, after holding off for years due to what it saw as injustices in its responsibilities as part of the agreement. 353 members of Turkey's Parliament ratified the agreement unanimously, said the report.
