Turkey: European bank to fund climate adaption strategies

The European Bank for Reconstruction and Development (EBRD) and IFC, a member of the World Bank Group, are to fund a yearlong study designed to help local and international businesses in Turkey adapt to climate change. 

Initially, the study will focus on shifts in precipitation, the temperature, the availability of water resources, sea-level rise and other resource challenges including energy efficiency. The data will help identify technology gaps and barriers towards adaptation, and as well as identify climate investment opportunities.
 “It is essential that long-term investment decisions and business plans start to consider the consequences of climate change,” said Terry McCallion, EBRD’s director for energy efficiency and climate change.
 “The related risks and opportunities are less well understood; there was a good start to implementation of climate change mitigation investments — including those related to energy efficiency and renewable energy.
 “Consequently, it is important for the International Financial Institutions to co-operate and work together with governments, to raise awareness in the private sector. This will be an important study in that regard.”
 EBRD has worked in Turkey since 2009 and focuses on renewable and sustainable energy, small business development in the regions, agribusiness, municipal, environment and other infrastructure. To date it has spent nearly €1 billion on about 30 projects aimed at developing the private sector.