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Mott MacDonald awarded ‘Enabling Private Sector Engagement in Adaptation’ in Turkey for the World Bank
Mott MacDonald has been awarded a project on ‘Enabling Private Sector Engagement in Adaptation’ by the World Bank. The project will support the Government of Turkey in mobilising private capital for climate resilient investments.
Mott MacDonald will advise the World Bank on how to mobilise private finance for adaptation needs and priorities in Turkey. The consultancy will develop specific guidance for private sector participation in climate adaptation in Turkey.
Due to climate change, Turkey is expected to get hotter, more arid and unstable in terms of precipitation patterns. Based on a study by the World Bank on 117 countries (covering 92% of the world’s population), natural disasters already have a strong impact on Turkey’s economy and its citizen’s wellbeing. With climate change expected to put increasing pressure on Turkey’s infrastructure, the volumes of finance must increase many times over and rapidly, to support a truly systemic transition to climate resilient development.
This project is part of a growing global momentum on adaptation. The latest report from the Intergovernmental Panel on Climate Change (IPCC) shows that every incremental increase in average global temperature will bring more devastating impacts — and more dollars spent on coping. Those emissions, even if they ceased tomorrow, have set in motion a certain amount of irreversible change.
Mott MacDonald’s technical principal on climate finance, Virginie Fayolle said: “We are delighted to be working with the World Bank and Government of Turkey to mobilise private capital for climate resilient development in Turkey. The project aims to play a key role in understanding the enabling factors and the likely financing structures to attract private investment in climate resilient infrastructure and adaptation in Turkey. With the Government of Turkey recently ratifying the Paris Agreement, we believe this project to be a key milestone for driving the country’s ambition in climate resilience and adaptation.”
‘Enabling Private Sector Engagement in Adaptation’ will conclude in March 2023.