PwC Collaborates with CFA Program to Support Turkey's Sustainable Future

07 Apr 2023

PwC Türkiye has undertaken the responsibility of executing the Climate Finance Accelerator (CFA) program in Türkiye, which is funded by the United Kingdom and aims to develop projects that combat the climate crisis. With CFA, a global technical support program, technical support will be provided to projects aiming to reduce carbon emissions in Türkiye.

PwC Türkiye continues its work with the "net zero emission" target that PwC has committed to achieve globally by 2030; Within the framework of its vision of contributing to nature and sustainable economy, it assumed the responsibility of executing the CFA Program in Türkiye. PwC Turkey, which manages the CFA Program funded by the UK Department of Business, Energy and Industrial Strategy (BEIS) in our country this year, supports the program's efforts to develop climate crisis-focused projects and facilitate their access to finance.

CFA, a global technical support program, is carried out in 8 countries with the aim of encouraging the flow of finance to meet the countries' goals of limiting global warming to 1.5°C. With the program, whose activities in Türkiye are carried out by PwC Turkey, climate change-focused project developers are provided with support and free training on technical and financial preparation, information sharing and access to finance. At the investor events planned in Istanbul and London, project developers and financiers will be brought together and the aim is for the projects to access suitable financing.

Mevlüt Akbaş, Company Partner of PwC Turkey Consultancy Services, said about the project, "As PwC Turkey, we are carrying out the CFA Turkey Program this year and we are very excited to be a part of the program. As PwC, we have been carrying out long-standing research and collaboration programs with companies, policy makers and non-governmental organizations to achieve the net zero carbon emission target. We are proud to support CFA's efforts to finance projects that invest in Türkiye's sustainable future."

6 projects were selected in the first phase of the program (2021-22), while 8 projects were selected in the second phase (2022-23). Over the course of four months, these projects received training on technical, financial, mitigation potential, and gender and social inclusion issues. The aim was to help them find financing from different national and international investors.

For the third phase of CFA Turkey, a maximum of 10 projects that reduce carbon emissions from sectors such as climate technologies, energy, transportation, industry, forestry and waste management will be selected and support will be provided in the necessary preliminary preparations for the investment processes. They will be able to meet potential investors in Istanbul and London. Workshops will be held with financiers at the investor meeting in London in March 2024, and suitable sized and ready projects from the CFA Türkiye program will be invited to the London event.

Which projects does CFA Türkiye support?

  • Designed to achieve measurable climate results in terms of direct or indirect greenhouse gas emission reduction,
  • Having a total financing need of 5-150 million dollars,
  • At least at the pre-feasibility stage,
  • Having a business model that can provide commercial returns in the long term,
  • If possible, projects that have effects that increase gender equality and social inclusion can be taken to the evaluation phase.

For more detailed information about the CFA Program:

https://survey.alchemer.eu/s3/90470142/CFA-T-rkiye

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