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10 exciting low-carbon projects have been announced as the third cohort of projects for Climate Finance Accelerator Türkiye!
The Climate Finance Accelerator (CFA) is a global technical assistance programme funded by the UK government to directly support climate projects to access finance. The CFA operates in nine countries (Colombia, Nigeria, Mexico, Turkey, South Africa, Peru, Egypt, Pakistan, Vietnam) with the aim of encouraging the flows of finance required to deliver on countries’ ambition to limit global warming to 1.5°C.
Delivery of the CFA in Türkiye is led by PwC Türkiye. The CFA programme provides project developers with support and training from technical, financial and gender equality and social inclusion experts. It also facilitates knowledge sharing and learning with financial institutions and public bodies, both nationally and internationally. Following the training, CFA Türkiye will bring project developers and financiers together for workshops planned in İstanbul and London. This will enable projects to meet potential investors and present their projects.
In the first phase of the programme (2021-22), 6 projects were selected and in the second phase of the programme (2022-23), 8 projects were selected. Over a period of four months, these projects in both phases received training in technical, financial, mitigation potential and gender and social inclusion aspects. The object was to help them to obtain financing with different national and international investors.
For the third phase of the CFA in Türkiye, 10 low-carbon projects have been selected from green agriculture, waste management and low carbon manufacturing sectors These projects will receive tailored one-to-one and group support to help increase their chances of securing finance from Turkish and international investors.
The CFA Programme is also holding a series of workshops in London during March 2024 with City of London financiers. Projects of appropriate size and readiness from the CFA Türkiye programme would be invited to attend. In the second phase, four projects from CFA Türkiye - Biotrend, Evreka, GIO and Werover - attended the London event among 15 projects including all CFA countries .
CFA Türkiye is a practical and deal-oriented programme that supports climate projects to improve their bankability and appeal to financiers.
Preparing projects that are attractive to investors is challenging. Low carbon projects are often perceived as higher risk as new technologies and business models are not widely understood. Regulatory and policy barriers can also create blockages in accessing capital at scale.
The CFA offers a range of support to assist climate mitigation projects in accessing finance.
Please note that the CFA does not provide financing to projects.
Project developers will gain valuable insights and develop capabilities to make projects attractive and ready for investors. This includes benchmarking projects against what a bankable / successful project looks like, gaining confidence in speaking to financiers, and learning how to structure project financing. Exchanges of best practices with other CFA countries will also be enabled.
The CFA provides project developers greater opportunities to access finance by working directly with potential investors to understand their needs and develop their projects accordingly. Through the CFA’s reach, project proponents have the opportunity to reach commercial and concessional investors, operating both nationally and internationally.
Project developers will have the opportunity to raise their profile and expand their network with stakeholders across the climate finance landscape, including local and international financiers, policy makers, researchers and other private sector organisations, in addition to a cohort of projects facing similar challenges. The network will provide project developers with long-lasting benefits to current and future low carbon opportunities.
The CFA supports projects to realise and communicate their positive impacts. The CFA has access to climate, sectoral and social impact specialists and can assist projects to support local and national climate ambitions, as well as helping to unlock co-benefits such as poverty reduction, improved gender equality and social inclusion, and tackling biodiversity loss.
The CFA supports low carbon projects that are seeking finance.
Candidate projects should:
For further information on whether your project is suitable, please get in here
|April 2023||June 2023||July 2023||Aug-Oct 2023
|Call for proposals (3rd April) Q&A Sessions for CfP*||Call for proposal closes (5th June) Project selection process. Applicants told if successful by middle of June||Kick-off for successful projects. Training and coaching starts||Training and coaching continues||Two-day workshop with investors||Post-workshop follow up support||
CFA London workshops (for selected projects)
As we enter a key decade for climate action, national and sub-national financial institutions are critical in supporting the development and implementation of low carbon projects to achieve national climate commitments.
The flows of climate finance depend on various elements including, crucially, a stock of strong projects being financed by willing investors, with these transactions being supported by a conducive enabling environment. Finance providers often lack familiarity with low-carbon opportunities in these markets, hence have a lower risk appetite or willingness to invest.
The Climate Finance Accelerator (CFA) has been established to support project developers and financiers work together to fund low carbon opportunities.
The CFA provides local financial institutions early visibility of, and closer engagement with, a credible pipeline of profitable low carbon projects. The projects supported by the CFA will be socially and environmentally sustainable, contributing to sustainable and inclusive development.
Domestic financial institutions that engage with the CFA will benefit from the opportunity to better understand alternative financial mechanisms, such as innovative approaches to blended and green finance, as well as a deeper understanding of where projects are across the ‘climate finance supply chain’ - from project origination, to development, financing and refinancing.
The CFA will enable local financial institutions to raise their profile and expand their networks. Deeper contacts will be fostered with other financiers, project developers, government representatives at national and local level, national and international development banks & agencies. The network will provide project developers with long-lasting benefits to current and future low carbon opportunities.
Local financial institutions can share their knowledge and skills with project developers, to support them in building projects that are more
investment-ready. This in turn will help domestic financiers to see the level of readiness of projects.
No. The CFA does not provide or guarantee funding for projects. The CFA facilitates access to suitable investors, and provides capacity building, networking opportunities, and visibility for projects to achieve their low carbon project objectives.
Of course! There is no limit to the number of projects that apply to the call for proposals as long they meet the requirements described above.
No, projects are only considered in participant countries. It is possible for projects with different branches or partner projects in different countries to take part in the CFA, as long as the main project is in Türkiye.
Yes, cogeneration-related projects are most welcome. Please specify how the project will cause GHG emission reductions.
Once the online application has been submitted to the Accelerator, no changes can be made. A new application must be filled out if changes are required and you should notify us by email to consider only one proposal.
The minimum amount of USD 5 M applies to the entire project, not only to the first year.
Financing will depend on the project and its characteristics, and different instruments may be used, such as green bonds, loans, equity investments and public-private partnerships, among others.
Yes, but we suggest doing it sooner rather than later as we review proposals on a rolling basis.
Of Course! There is no limitation for the number of applications to the CFA. You are welcomed to re-apply to the CFA.
Q&A Session Dates:
You can reach our session that took place on May 25 from the video.
Advisory Services Partner, PwC Turkey
Tel: +90 212 376 5302
Advisory Services Manager, PwC Turkey
Tel: +90 212 376 5394