Tax Breaks in Foreign Currency for KKM Companies Not Renewed
Minister Şimşek Emphasizes the Urgency of Green Transformation for Türkiye
In a speech delivered at the “Climate Economy Sustainability Finance Summit,” Minister Şimşek highlighted the urgent need for green transformation in Türkiye. He stated that climate change is no longer a topic of debate but a harsh reality that is progressing at a much faster pace than previously anticipated.
Minister Şimşek pointed out that the global economy is experiencing lower growth forecasts compared to the pre-2008 period, indicating a shift towards a path of low growth. He also warned that the impact of the climate crisis will be much stronger in the coming decades.
Drawing attention to the fact that 129 countries, including Türkiye, are currently facing severe drought, Minister Şimşek outlined the necessary steps for these countries to take. He stressed the importance of implementing legislative changes and investing in research and development to address climate change effectively.
Minister Şimşek underlined that green transformation is not just an option but a necessity for Türkiye, which has set a net zero target for 2053. He emphasized the country’s potential in green products and stated that transitioning to a sustainable economy will enhance Türkiye’s competitiveness and pave the way for better quality employment and sustainable growth.
Furthermore, Minister Şimşek highlighted the increasing share of renewable energy in Türkiye’s energy mix, noting significant progress in areas such as solar, wind, and geothermal power. He expressed optimism about increasing the country’s renewable energy capacity in the next decade, including nuclear power.
Addressing the importance of sustainable financing, Minister Şimşek revealed that Türkiye has been engaging with multilateral banks to secure resources for managing the transition towards a green economy. He emphasized the significance of collaboration with international financial institutions to support Türkiye’s growth and enhance its financial stability.
In his remarks, Minister Şimşek also discussed the ongoing economic program aimed at achieving price stability, fiscal discipline, and structural transformation. He predicted a steady decline in inflation rates in the coming months, attributing it to the government’s comprehensive economic policies.
Minister Şimşek reassured the public that the government is committed to reducing the budget deficit and the current account deficit through sustainable measures. He emphasized the importance of structural reforms and long-term planning in achieving lasting improvements in Türkiye’s economic indicators.
In conclusion, Minister Şimşek urged patience and perseverance from all segments of society in the face of economic challenges, emphasizing that reducing inflation and implementing green transformation are complex but imperative processes for Türkiye’s sustainable development.
