Türkiye's vice president urges global green transition funding at COP31

Climate finance for industry

Vice President Cevdet Yilmaz urged global leaders gathering at COP31 to redirect climate finance toward the green transition of heavy industry. At the Business and Investment Summit, held as part of the UN climate event and organized by the Turkish Union of Chambers and Commodity Exchanges (TOBB), he said, “Green industrialization is one of the areas where climate goals and economic competitiveness intersect,”

Yilmaz said global climate finance needs to surge from $2 trillion in 2024 to at least $6.2 trillion by 2035. Emerging markets and developing economies except for China currently receive about $426 billion, he added.

Steel and cement investment gap

He said, “A cumulative investment need of over $500 billion is projected for low- and near-zero-emission steel and cement production during the 2026–2035 period, but projects that have reached a final investment decision currently total only $20 billion.” The figures highlight the gap between projected needs and projects that have reached a final investment decision.

“This gap shows the importance of access to financing, infrastructure, reliable demand, and long-term market predictability for transforming technological solutions into investment decisions,” Yilmaz said. The Antalya Green Industrialization Compact, introduced during COP31, commits nations to accelerating clean industrial transitions.

Türkiye's net-zero target

Yilmaz said reducing reliance on imported fossil fuels will be key to achieving Ankara’s 2043 net-zero emissions target, linking the green transition to industrial competitiveness. These efforts are also expected to reduce the country’s current account deficit.

He highlighted the recently introduced Climate Action Bridge, a special initiative assisting developing nations in transforming their localized climate and development priorities into investable projects. Yilmaz added that modernizing grid architecture and using clean technologies powered by artificial intelligence (AI) and digital energy management systems will generate real economic value once fully implemented and scaled up across the economy.