Akif Koca, partner at PwC Turkey, who participated in a panel discussion within the framework of the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28), has shared the findings of the panel.
The panel found that, with the green technological transition, a 99 percent emissions reduction in steel, a 75 percent emissions reduction in aluminum and a 93 percent emissions reduction in the cement sector could be achieved by 2053. Stating that the total investment needed will reach $30 billion for the steel and cement industries and $5 billion for the aluminum industry over the next 30 years, Mr. Koca noted that the deployment of hydrogen and carbon capture, utilization and storage technologies will have a critical role in achieving decarbonization targets of these industries.
Stating that Turkey is actively engaged in emissions reduction and is carrying out projects to identify its decarbonization potential, Koca said that PwC supported the Turkish Ministry of Industry and Technology in developing decarbonization pathways for the given three industries. He added that the transition will require a continuous and targeted policy and investment efforts in collaboration with related industry players.