Climate action can save Turkiye nearly $150B by 2040: World Bank report

By Trend

Turkiye stands to reap $146 billion (TL 2.52 trillion) in savings over the next 20 years if it takes effective and appropriate actions to boost resilience and adaptation against the impact of climate change and to mitigate economy-wide emissions of carbon dioxide and other greenhouse gases, a pioneering World Bank report said Monday, Trend reports citing Daily Sabah.

The benefits would come largely from reductions in fuel imports and health benefits from reduced air pollution, and contribute to energy security and lower energy expenditures, it was said in a report titled “Turkiye Country Climate and Development Report (CCDR).”

The report called for deep decarbonization of the power sector, energy efficiency and electrification in buildings and transportation, as well as reduction of carbon and other greenhouse gas emissions in industry and agriculture.

Regarding the major changes, the report also says Turkiye needs “to reverse course as the world’s 17th largest carbon emitter and to achieve its pledge of carbon neutrality by 2053.”

The CCDR, dubbed a new series of country diagnostic reports from the World Bank Group, “explores the linkages between climate and development to identify priority actions to reduce carbon emissions and build resilience, while supporting economic growth and poverty reduction,” the statement released on the bank’s website read.

The Turkiye CCDR, meanwhile, is the first to be issued in the new report series.

Anna Bjerde, World Bank vice president for the Europe and Central Asia region, said “like so many countries around the world, Turkiye is experiencing extreme weather events brought on by climate change.”

“With the ratification of the Paris Agreement on Climate Change last year, Turkiye joins the global community to tackle this crisis,” Bjerde said.

“The CCDR will allow the World Bank to expand our successful partnership with Turkiye to deliver more transformative action to protect lives and livelihoods,” she added.

The World Bank report sets out an illustrative strategy for a resilient and net zero development pathway (RNZP) that combines adaptation and mitigation actions while exploring the costs and benefits of reaching Turkiye’s pledge to achieve net zero carbon emissions by 2053.

The strategy focuses on sectors that are key to the country’s efforts to reduce carbon emissions, such as power, transportation, industry and forestry.

The report said that electricity is the largest contributor to emissions and a clean electricity grid is needed to drive emissions reductions through the electrification of buildings, transport and industry.

“Deep decarbonization of the power sector requires a sustained transition from coal, expansion and integration of renewable energy, and decisive actions to boost energy efficiency. This will help Turkiye achieve energy security, reduce energy costs and meet burgeoning demand,” it said.