Türkiye is Among the Countries with the Highest Carbon Emissions

03 Oct 2024

EY 2023 Sustainable Value Study: Delay in Climate Targets and Turkey's Situation

Ernst & Young (EY) announced the results of the 2023 Sustainable Value Study, prepared with the participation of companies with basic maturity in the field of climate change and sustainability. The study, which included 520 companies around the world, reveals that progress in the field of climate change is slowing down and there is a decline in the reduction of greenhouse gas emissions.

Global and Turkish Perspective

The study revealed that there was a decrease in the reduction of greenhouse gas emissions from 30% to 20% worldwide and a delay in reaching net zero carbon targets from 2036 to 2050. The report, prepared with the opinions of 105 senior executives responsible for sustainability in Turkey, shows that Turkish companies are ahead in making climate commitments compared to global companies, but they act slower in implementing the commitments.

Key Findings

  • 90% of participating companies have public climate commitments
  • While companies plan to reduce their emissions by an average of 34%, the actual reduction is at 23%.
  • For the world to meet the 1.5°C target, a 45% emissions reduction is required by 2030, but current commitments are insufficient.
  • 19% companies are carbon negative, 12% are net zero.
  • The most progress in Turkey has been made in the areas of measurement and governance.
  • 40% think companies' climate initiatives will have a positive financial impact.

Risks and Investment Trends

60% of companies plan to increase their investments in the field of climate change. The main motivation for these investments is stated to be increasing resilience against risks that may arise in the future.

Global Challenges and the Leader-Observer Divide

Inflation, supply chain issues and geopolitical crises have caused 20% of companies to revise their climate commitments. While 95% of leading companies continued their commitments, this rate dropped to 67% for observer companies that took the least action.

Expert Opinion

Turkey ranks 15th in the world with 400 million tons of carbon emissions in 2022. Government strategies are important but insufficient. Institutions should analyze their risks correctly and accelerate transformation. Early adopters will increase their competitiveness and financial performance

– Ece Sevin, EY Türkiye Climate Change and Sustainability Services Leader

Source

World Newspaper

Latest
News & Updates

Customize Cookie Preferences

You can manage cookie categories separately

Mandatory Cookies

Always Active

These cookies are necessary for the proper functioning of the website and cannot be disabled.

Analytical Cookies

These cookies help us understand how visitors use the website.

Services Used: Google Analytics

Marketing Cookies

These cookies are used to show you personalized ads and to measure the effectiveness of our marketing campaigns.

Services Used: Google Ads, Facebook Pixel

For more information, you can check the Privacy Policy and Protection of Personal Data pages