TSKB Economic Research Publishes COP29 Evaluation Report

TSKB participated in the United Nations Climate Change Conference (COP29) held in Baku, the capital of Azerbaijan, on November 11-22, 2024 with its Executive Vice President and Sustainability Leader Meral Murathan, managers from various areas of expertise, relevant technical teams and its subsidiary ESCARUS (TSKB Sürdürülebilirlik Danışmanlığı A.Ş). Periodically reporting on COP evaluations every year following the summit, TSKB Economic Research team published an evaluation report this year under the title "All Show and No Go: What Remains From COP 29".

Guiding its activities with the vision of an inclusive sustainable future, TSKB (Industrial Development Bank of Türkiye) continues to play an active role in important platforms for the global climate action. The Bank participated in the 29th Conference of the Parties (COP 29) held this year in Baku, the capital of Azerbaijan, with Executive Vice President and Sustainability Leader Meral Murathan, managers from various areas of expertise, relevant technical teams and its subsidiary ESCARUS (TSKB Sürdürülebilirlik Danışmanlığı A.Ş). Under COP29, TSKB participated in 9 different panels in the pavilions of Türkiye, IDFC, UN Global Compact, Sustainable Future Platform, OPEC Fund and World Bank, sharing its contributions and experiences along Türkiye's sustainable development journey. 

Following the summit, TSKB Economic Research compiled the highlights of COP29 in its report titled "All Show and No Go: What Remains From COP29" . The report also addresses Türkiye's Long-Term Climate Change Strategy announced in the first days of COP29, and draws attention to the targets Türkiye has set for achieving net zero by 2053 and the actions to be taken to achieve these targets. 

Encompassing targets and roadmaps for renewable energy sources, nuclear energy and decarbonization of sectors, the strategy underlines that the annual additional investment requirement to achieve the targets accounts for 1.7 percent of GDP. Realization of this average in 2025 would mean an additional investment of USD 14 billion by the private sector and about USD 10 billion by the public sector.

The report states that one of the most important outcomes of COP29 was the adoption of Article 6 of the Paris Agreement, which allows for the generation and trading of carbon credits from emission reduction projects and the creation of a carbon market under the supervision of the UN, and that the mechanism is planned to be operational in 2025.

Other highlights from TSKB Economic Research's report "All Show and No Go: What Remains From COP29" are listed below:

• Emerging in Baku with the New Collective Quantitative Goal (NCQG), the USD 300 billion target, which will support climate action by developing countries in 2025 and beyond, fell short of expectations.
• View of the G77 group, of which China is a member, was that a total of USD 1.3 trillion in climate finance, including USD 600 billion in grants from the public resources of developed countries (DCs), was needed.
• Throughout the summit, ecosystem discussions and nature-positive understanding were addressed in many sessions. COP30 in Belem, Brazil's gateway to the rainforest and the Amazon River, is expected to emphasize these issues.
• The Bonn Climate Conference, which will take place in June 2025, will serve as a preparation for COP30 with technical level negotiations. The course of negotiations at the conference, as well as the progress signaled by the updated nationally determined contributions to be published by countries throughout the year, will largely set the tone for next year's event in Belem.

Please click here to access TSKB Economic Research's new report on the outcomes of COP29, titled "All Show and No Go: What Remains From COP29".