Turkey's Bold Move: Emissions Trading System Launched

Turkey's AK Party proposed a climate change bill to parliament, aiming at net-zero emissions by 2053. It introduces a carbon market board and an emissions trading system (ETS) to regulate and reduce greenhouse gas emissions. Carbon allowances become capital market instruments, incentivizing climate-friendly investments.

In a significant step towards addressing climate change, Turkey's ruling AK Party has introduced a bill in parliament focused on reducing greenhouse gas emissions using market-based mechanisms.

The newly proposed carbon market board, along with an emissions trading system (ETS), seeks to help Turkey honor its commitment to achieving a net-zero emission economy by the year 2053. This initiative will be overseen by the climate change department of the Environment Ministry.

Companies under the ETS's jurisdiction will need permits for greenhouse gas emissions, while the department plans to treat emission allowances as capital market instruments. Revenue from these will be directed to promote climate-friendly investments, ensuring systematic carbon pricing and effective distribution of allowances and policies.

(With inputs from agencies.)