Turkey secures record $1.6 billion AIIB financing for climate reforms at COP31

Turkey has secured a $1.6 billion financing agreement from the Asian Infrastructure Investment Bank (AIIB) to support policy reforms and attract private investment for its climate targets.The funding will help Turkey address an estimated $68 billion investment requirement for climate action by 2030, with around half of the amount expected to come from private sources, according to the AIIB.

The agreement was announced on Thursday, the fourth day of the two-week UN climate conference in Antalya.The programme covers fiscal policy, financial regulation and sectoral planning.

It is intended to support the implementation of Turkey's Climate Law and its emissions reduction strategy, which includes an interim target for 2035 and a commitment to reach net-zero emissions by 2053.The financing will be directed towards expanding sustainable finance, reducing emissions across industries and strengthening the country's ability to deal with climate-related risks.