Union of Chambers and Commodity Exchanges of Turkey

Speaking at the meeting held in London, the capital of the United Kingdom, TOBB President Hisarcıklıoğlu emphasized that under the leadership of President Recep Tayyip Erdoğan, Türkiye is on its way to becoming one of the global pioneers of the green transition, stating, “The Zero Waste movement, launched under the leadership of Mrs. Emine Erdoğan, is one of the most concrete manifestations of this vision, which serves as an example to the entire world.”

Hisarcıklıoğlu underscored that the business community stands behind this strong leadership.

Noting that the climate agenda is no longer merely an environmental issue but rather the industrial and trade policy of the 21^st century, Hisarcıklıoğlu called for the adoption of predictable regulations for the private sector, access to financing, and steps to support electrification during the COP31 process.

Hisarcıklıoğlu said that the party that shapes the green transition through its factories, supply chains, and technology standards will determine this century’s industrial order.

Noting that predictability is the business community’s top expectation from COP31, Hisarcıklıoğlu stated that sectors facing difficult transitions, such as cement and steel, cannot make long-term investments until the carbon price and regulatory framework are clarified.

Hisarcıklıoğlu noted that although climate finance reached approximately $1.9 trillion in 2023, resources are not reaching the regions that need them sufficiently, stating, “Our expectation from COP31 is that climate finance will reach actual projects through risk-sharing, guarantee mechanisms, and blended finance.”

Noting that electrification is also among the key expectations, Hisarcıklıoğlu said they support the target of 35 percent electrification of final energy consumption by 2035, as announced by Minister Kurum in Bonn.

Hisarcıklıoğlu emphasized the need to provide specialized financing, digital reporting tools, and technical guidance to SMEs, and called for the agenda on climate-resilient cities to be transformed into projects in which the private sector can invest and that are financially viable.

Hisarcıklıoğlu noted that the working groups of the COP31 Business Forum will focus on green industrialization, climate finance, electrification, cities, agriculture and food, SMEs, climate technologies, and artificial intelligence, Hisarcıklıoğlu invited the business community to participate in the COP31 Business and Investment Summit to be held in Antalya on November 12-13.

- Minister Kurum

Murat Kurum, Minister of Environment, Urbanization, and Climate Change and President of COP31, also stated that during the COP31 process, they want the business community to play an active role alongside governments in implementing national climate plans.

Speaking in his capacity as COP31 President, Kurum outlined his expectations for the private sector. Emphasizing that they consider it important for the business community to play an active role in the implementation of national climate plans and to view this transformation not as a burden but as a strategic area that creates new opportunities, Kurum thanked the Union of Chambers and Commodity Exchanges of Türkiye (TOBB) which was appointed as the COP31 Business Representative for its support of the process.

Kurum noted that they want the private sector to be strongly and deeply involved in the COP process this year, stating, “TOBB will play a key role in supporting the business community’s continuous and meaningful participation in the COP31 process.”

Emphasizing that, as the COP31 Presidency, they consider it highly valuable for the business community to work alongside governments to implement national climate plans, Kurum said, “These plans are the building blocks of the Paris Agreement, but they cannot become a reality without the active participation of the business community.”

- London Climate Action Week has begun

London Climate Action Week (LCAW), organized to strengthen climate action around the world, has begun.

Now in its 8^th year and taking place June 20-28, LCAW is one of the world’s most comprehensive independent climate events.

With 75,000 participants expected this year, more than 1,000 events will be held across various parts of London throughout the week.