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Carbon Markets as a Financial Instrument in the Forestry Sector in Turkey

SUMMARY Forests play a crucial role in mitigating climate change, and carbon markets offer a good alternative for financing forestry sector projects. However, the forestry sector in Turkey has not attempted to benefit from these markets yet. This paper presents the current situation of the Turkish forestry sector in carbon markets and evaluates the viability of these markets for financing forestry projects. This paper argues that under current international restrictions, the Turkish forestry sector can benefit only from voluntary carbon markets through afforestation, reforestation, improved forest management, and agro-forestry activities. To do this, Turkey will have to establish an institutional framework and estimate the national carbon sequestration potential for the forestry sector. If forestry activities were financed through compliance and voluntary carbon markets, it is possible that substantial funds could be raised through these markets. Carbon markets thus offer viable options for financing forestry projects in Turkey now as well as in the future.