Turkey Enacts Climate Law Establishing Emissions Trading System

Significant developments in carbon capture and storage (CCS) and energy interconnection projects highlight the accelerating global energy transition. In the North Sea, Schlumberger and Halliburton have secured key contracts, including Schlumberger's $45.31 billion market cap involvement in the Northern Endurance Partnership to construct carbon storage wells capable of sequestering millions of tons of CO2 annually, underscoring CCS as vital for industrial decarbonization. Norway's large-scale carbon dioxide storage initiative near Bergen exemplifies the region's strategy to leverage petroleum expertise and geological advantages for emissions disposal. Meanwhile, ambitious grid interconnection projects linking North Africa and Europe show mixed progress: the UK halted the UK-Morocco Xlinks solar project due to delivery and security risks, while the EU strongly supports the Greece-Cyprus-Israel Great Sea Interconnector and the Greece-Egypt Electrical Interconnection. Turkey has enacted Climate Law No. 7552, establishing a comprehensive legal framework aligned with its Paris Agreement commitments to achieve net-zero emissions by 2053 through emission reductions, adaptation, and an emissions trading system. These efforts collectively reflect varied regional approaches to advancing renewable energy infrastructure and carbon management in pursuit of global climate goals.