The programme will cover half of the consultancy service expenses of companies for five years up to TL 10 million (~$305,000), he told the first meeting of the ‘Green Deal Adaptation Project’, which is part of the programme.

The Green Deal Action Plan was created to advance the economic integration provided by the European Union’s (EU) Customs Union and to establish a road map for adapting to the possible effects of climate change policies on international trade, he said.

"We aim to ensure their compliance with green and digital transformation at the corporate level and make the sustainability of exports possible in this context," he was quoted as saying by Turkish media reports.

The sectors determined under the EU's Carbon Border Adjustment Mechanism (CBAM) are textile & clothing, iron-steel, cement, aluminum, fertiliser, electricity and hydrogen, and these sectors are the most quickly and heavily affected by the green transformation process, he noted.

As the share of exports from these six sectors in the total exports to the EU is 49 per cent, these need to adapt quickly to the carbon border regulations, he said.

Legislative changes like the eco-design rules that will come into effect within the framework of the transition to a circular economy will directly affect exports to the EU, he noted.

The programme will have three stages. In phase 1, the company's current situation analysis will be carried out within the framework of sustainability criteria and parameters determined on a sectoral basis, Bolat said.

In the second, technical and financial feasibility consultancy for implementing the sustainability road map on a project basis will be supported. Companies can convey their financing demands for the project to be implemented through the portal to the banking sector and evaluate the credit offers coming from banks in a competitive environment through the portal.

In the final stage, the monitoring and verification consultancy of the implemented projects will be supported, and the progress of exports and exporters will be tracked, he added.

Fibre2Fashion News Desk (DS)