Ankara: Turkiye stands to reap $146 billion in savings over 20 years if it takes effective and appropriate actions to boost resilience and adaptation against the impact of climate change and to mitigate economy-wide emissions of carbon dioxide and other greenhouse gases, says a pioneering World Bank report released on Monday.
The benefits would come largely from reductions in fuel imports and health benefits from reduced air pollution, and contribute to energy security and lower energy expenditures, says the Turkiye Country Climate and Development Report (CCDR).
It calls for a deep decarbonization of the power sector, energy efficiency and electrification in buildings and transportation, as well as reduction of carbon and other greenhouse gas emissions in industry and agriculture.
These are among major changes Turkiye needs to make to reverse course as the world’s 17th largest carbon emitter and to achieve its pledge of carbon neutrality by 2053.
"Like so many countries around the world, Turkiye is experiencing extreme weather events brought on by climate change. With the ratification of the Paris Agreement on Climate Change last year, Turkiye joins the global community to tackle this crisis," said Anna Bjerde, World Bank Vice President for the Europe and Central Asia region in a press release on Monday.
The CCDR, a new series of country diagnostic reports from the World Bank Group, explores the linkages between climate and development to identify priority actions to reduce carbon emissions and build resilience, while supporting economic growth and poverty reduction.
The Turkiye CCDR is the first to be issued in the new report series.
"The CCDR will allow the World Bank to expand our successful partnership with Turkiye to deliver more transformative action to protect lives and livelihoods," Bjerde.
The report sets out an illustrative strategy for a resilient and net zero development pathway (RNZP) that combines adaptation and mitigation actions, while exploring the costs and benefits of reaching Turkiye’s pledge to achieve net zero carbon emissions by 2053.