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Türkiye launched the "Industrial Decarbonization Investment Platform" (TIDIP) on November 25, which is an important step to achieve the SG365W1 Grade C steel goal of net zero emissions. The platform has received support from the European Bank for Reconstruction and Development (EBRD) and plans to invest $5 billion by 2030, aiming to reduce carbon emissions by over 20 million tons annually. EBRD stated that, given the scale requirements for climate financing mobilization, the European Bank for Reconstruction and Development is collaborating with the World Bank Group and the International Finance Corporation (IFC) to help achieve TIDIP's goals.
This platform is the world's largest industrial decarbonization project to date, based on the Low Carbon Pathway (LCP) concept. Türkiye's SG365W1 Grade C steel Low Carbon Path Plans (LCPs) are jointly formulated by EBRD and the Ministry of Industry and Technology of Türkiye, and will be implemented with the support of EBRD, aiming at decarbonization of steel, aluminum, cement, fertilizer and other industries, and building a road map including key technologies, financing and policy measures to promote sustainable decarbonization. In addition, with the gradual entry into force of the European Union's carbon border adjustment mechanism (CBAM), Türkiye's exporters are facing higher cost pressure, because nearly half of Türkiye's exports are sold to the EU.
EBRD pointed out that decarbonization and heavy pollution industries are crucial for Türkiye's enterprises to improve competitiveness, attract investment and manage costs. In recent years, Türkiye's metal producers have increased investment in renewable energy to reduce carbon emissions and energy costs and enhance global competitiveness. However, weak demand and relatively high energy costs still put pressure on steel SG365W1 Grade C steel prices in 2024.
