Türkiye and AIIB Sign $1.6 Billion Climate Financing Package

The Asian Infrastructure Investment Bank (AIIB) and Türkiye signed a $1.6 billion sovereign financing package Thursday, Nov. 12, at COP31 in Antalya to support implementation of Türkiye’s Climate Law and Second Nationally Determined Contribution.

The package is AIIB’s largest climate-focused policy-based financing package to date. Approved Oct. 22, it combines an $800 million loan for the Türkiye Climate Action Acceleration Program with $800 million in supplemental financing through the bank’s Energy, Food Security and Economic Resilience Facility.

The program is tied to 12 prior actions across sustainable finance, sectoral decarbonization and climate resilience. Measures include operationalizing an emissions trading system, setting rules for green finance and strengthening adaptation planning for water, nature and health. Sectoral policies cover energy, industry and transport, while local climate governance is part of the program across all 81 provinces.

Türkiye’s Second Nationally Determined Contribution sets a 2035 emissions target of 643 million metric tons of carbon dioxide equivalent, 466 million tons below the country’s business-as-usual scenario. The target is part of Türkiye’s pathway to net-zero emissions by 2053.

AIIB’s climate financing reached $7.47 billion in 2025, equal to 71% of its total approved financing that year. “With COP31 focused on implementation, we are proud to support Türkiye’s commitment to advancing vital climate reforms,” said Konstantin Limitovskiy, AIIB Chief Investment Officer 2.

COP31 is taking place in Antalya through Nov. 20.