Sustainable Finance

World Bank Extends Support for Green Agriculture in Turkey, Approves $341 Million Loan

Published on: 4 April 2022 10:30 AM
by KnowESG

The World Bank has approved a loan of $341.27 million to support green agriculture in Turkey. It is part of a project to encourage "climate-smart technologies" in the agricultural sector. The proceeds will support a more sustainable and competitive agricultural sector in the nation.

According to the World Bank, the Turkey Climate-Smart and Competitive Agricultural Growth Project (TUCSAP) will facilitate the collection and use of information on soil and land covering approximately 14 million hectares, improve animal outbreak surveillance, diagnostic technology, and bolster technology to improve resource efficacy and scale down harmful carbon emissions.

The project directly benefits more than 80,000 farmers, veterinarians and service providers across Turkey.

Auguste Kouame, World Bank Country Director for Turkey, said: "We hope this partnership will contribute to putting the agriculture sector on a more competitive and sustainable growth path and help Turkey achieve net-zero carbon emissions by 2053."

Turkey ratified the Paris Agreement last year and has aimed to achieve net-zero carbon emissions by 2053.

The European Commission might defer the publication of proposals on sustainable cultivation and nature, because the Ukrainian war has impacted the food supply, which led some countries to avoid reforms.

The EU is mending every sector to become greener, including agriculture, which produces roughly 10 per cent of EU greenhouse gas emissions. Last year, in November, international investors urged the EU not to classify intensive farming under sustainability activity.