Türkiye preparing its national green taxonomy

ISTANBUL

Türkiye is working on its national green taxonomy that will serve as a guide to prepare local investors for the EU Green Deal.

New legislations will set out rules for investors to have access to green financing.

The green taxonomy, which was included in the government’s latest medium-term program, will be used to classify which investments contribute to achieve environmental targets and which investments should be considered sustainable.

Work on the preparation has been launched under the coordination of the Environment, Urbanization and Climate Change Ministry. New legislations to be prepared will encourage financing for sustainable investments.

The main purpose is to harmonize the national taxonomy with that of the EU and to create a taxonomy which prioritizes Türkiye’s needs.

The six objectives of the EU Taxonomy are climate change mitigation, climate change adaptation, sustainable use and protection of water and marine resources, transition to a circular economy, pollution prevention and control, and protection and restoration of biodiversity and ecosystems.

For the preparation of the national green taxonomy a special commission and technical experts group have been established. The commission will include members from the Environment, Energy, Transport, Agriculture, Industry and Finance ministries, the Capital Markets Board (SPK), the Banking Regulation and Supervision Agency (BDDK) and the Central Bank.

Representatives from the leading business associations, the Turkish Statistical Institute (TÜİK) and academics constitute the technical experts group.