NEWSROOM

As the impacts of climate change continue to increase, ILKE Foundation, taking action to contribute to the progress of our country's green transformation, has published the "Green Economy in Turkey: A Roadmap for Transformation" report, prepared with the contributions of various experts and academics. The report evaluates various topics such as Turkey's journey towards a green economy, climate goals, the environmental cost of economic development, green energy transformation, and the green economy and Islamic financial institutions.

TURKEY - As climate change continues to impact the future of the world negatively, it continues to cause both economic and political harm. Many countries are accelerating the green transformation process to eliminate carbon emissions and use natural resources efficiently. ILKE Foundation's Islamic Economics Research Center (IKAM), taking action to contribute to the progress of our country's green transformation, has published the "Green Economy in Turkey: A Roadmap for Transformation" report, which analyzes different sources and expert opinions. The report evaluates both Turkey's and global sustainability efforts in a data-driven manner, addressing various topics ranging from carbon emissions to energy consumption.

“We must act together in the fight against the climate crisis”

Dr. Assistant Professor Ömer Faruk Tekdoğan, one of the authors of the report, emphasized the need for collective awareness and action in the fight against the climate crisis and made the following statement on the subject: "Significant progress has been made in recent years in both the world and Turkey regarding the fight against the climate crisis, which requires the collective effort and multidimensional struggle of all stakeholders. The Paris Agreement, the first global agreement signed within the scope of climate change, and the United Nations 2030 Agenda for Sustainable Development, which sets measurable climate goals for countries, are among the key developments. The aim is for the US and 27 EU countries to achieve net-zero carbon emissions by 2050. With the report we have prepared to contribute to our country's green transformation, we have created a roadmap."

USA leads in carbon emissions per capita

According to the report titled "Green Economy in Turkey: A Roadmap for Transformation," the United States ranks first among the regions with the highest per capita carbon emissions worldwide, followed by China and EU countries, with Turkey coming after them. Among the driving forces behind carbon emissions, energy sources rank as follows: petroleum at 33%, coal at 27%, and natural gas at 24.3%. It is noted that Turkey has been the fastest-growing country in terms of energy demand in the past 20 years, as reported by the Organization for Economic Cooperation and Development (OECD). Turkey, which imports more than 76% of its energy needs and relies significantly on imported fossil fuels, is stated to be accelerating its efforts within the scope of green transformation.

It can be an important force in tackling the current account deficit

Based on the data in the report, our country is making significant progress in terms of energy efficiency in these days when the energy crisis has become a global problem. In terms of energy efficiency, Turkey ranks second after the United Kingdom in wind energy and second after Spain in solar energy. When combined, Turkey takes the first place in the table. Behind Turkey's success lies its geographical advantage of being surrounded by three sides by seas, as well as the presence of wind corridors and favourable solar radiation values. In this regard, it is suggested that green transformation will be a significant force in Turkey's fight against the current account deficit. The report emphasizes that legal regulations and the formation of legislation and regulations should be the primary step, and the creation of funds and incentive packages is seen as necessary to reduce production costs.

The green transformation could turn into an opportunity for Islamic financial institutions

According to the report titled "Green Economy in Turkey: A Roadmap for Transformation" by ILKE Foundation, Islamic financial institutions can have an advantage in fulfilling the necessary criteria due to the principles they need to adhere to, which align with sustainability and green transformation objectives, setting them apart from conventional finance. The report emphasizes the need for Islamic financial institutions to increase their share in the financial system through initiatives for green transformation. It highlights the expectation that governments should open the way for Islamic financial institutions through incentive policies and supportive and facilitating regulations, in line with this objective.