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Turkey’s ruling AK Party has submitted a climate change bill to parliament, proposing the establishment of a carbon market board and an emissions trading system (ETS), international media reported on Thursday.
The legislation aims to align with Turkey’s goal of achieving net-zero emissions by 2053.
The draft law outlines regulations for planning and implementing strategies to cut greenhouse gas emissions.
The ETS will allow companies to buy and sell emission allowances, overseen by the climate change department of the Environment Ministry, according to the bill, as cited by Reuters.
Companies covered by the ETS must obtain a greenhouse gas emission permit to conduct activities contributing to emissions.
The allowances will be considered capital market instruments, generating revenue to support climate-friendly investments.
The carbon market board will oversee carbon pricing mechanisms, determine the allocation of allowances, and implement related policies.
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Read the full post at Carbon Herald.
