Vice President Cevdet Yılmaz has called on leaders at COP31 to redirect climate finance toward the green transition of heavy industry, highlighting that more investment is required in sectors such as steel and cement.
"Green industrialization is one of the areas where climate goals and economic competitiveness intersect," he said at the Business and Investment Summit held as part of the U.N. climate event. It was organized by the Turkish Union of Chambers and Commodity Exchanges (TOBB).
Yılmaz stated that global climate finance needs to surge from $2 trillion in 2024 to at least $6.2 trillion by 2035.
Emerging markets and developing economies except for China currently receive about $426 billion, he said.
"A cumulative investment need of over $500 billion is projected for low- and near-zero-emission steel and cement production during the 2026-2035 period, but projects that have reached a final investment decision currently total only $20 billion," he noted.
"This gap shows the importance of access to financing, infrastructure, reliable demand, and long-term market predictability for transforming technological solutions into investment decisions," he said.
In this regard, the Antalya Green Industrialization Compact, introduced during COP31, commits nations to accelerating clean industrial transitions, he said.
Yılmaz stated that reducing reliance on imported fossil fuels will be key to achieving Ankara’s 2053 net-zero emissions target, tying the green transition to industrial competitiveness.
These efforts are also expected to reduce the country’s current account deficit.
Yılmaz also highlighted the recently introduced Climate Action Bridge, a special initiative assisting developing nations in transforming their localized climate and development priorities into investable projects.
He added that modernizing grid architecture and leveraging clean technologies powered by artificial intelligence and digital energy management systems will generate real economic value once fully implemented and scaled up across the economy.