NEWS

Funding Program to Support Turkish CBAM Compliance

05/03/2024

The Turkish government has introduced a new program to finance half the consultancy services cost for companies under the EU environmental regulations. The category of eligible companies has yet to be determined, but those exporting to the EU will qualify.

The program, which allocated $322,000, aligns with Turkish steel producers’ initial submission of CBAM reports. During the transitional period, these reports are required every three months and are scheduled to conclude by January 31, 2026.

A new Emissions Trading System (ETS) and Carbon Border Adjustment Mechanism (CBAM) are being developed by Turkey to reduce emissions. Companies may offset their CBAM tax liabilities by demonstrating that they have already paid higher local carbon taxes.