Istanbul pegs green transition tab at about $100 billion while it hardens for quakes

What Istanbul says it needs and where it would go

Acting mayor Nuri Aslan told a Bloomberg Green audience on Wednesday in Antalya, during COP31, that Istanbul's green transition carries a roughly $100 billion price tag. He laid out a wide scope for that money, from metro lines and renewable power to waste and water treatment, green areas and other climate-related infrastructure.

He also flagged a practical brake on those ambitions. Securing foreign financing tied to climate goals is difficult right now, even as the city maps out where investment would land.

The financing bottleneck

Aslan, an opposition politician, said that in Turkey, municipal projects can access overseas funding only after inclusion in a public investment program and securing President Recep Tayyip Erdogan's signoff. In his words, "If you cannot get that signature, our access to foreign financing is blocked." He added, "Therefore, we try to make our investments using our own resources."

That approval gate shapes the timelines and funding mix for any big infrastructure push.

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Why quakes come first and what is next

Aslan said the city's most immediate threat is a major earthquake. "We are working day and night to reinforce bridges and all major buildings," he said. "This is the most important issue for Istanbul."

The city is working toward a comprehensive redevelopment and hazard-readiness initiative, with a public rollout targeted for 2027. That puts a marker on when a fuller plan could reach financiers watching the pipeline.

The political backdrop and the market angle

Ekrem Imamoglu, Istanbul's elected mayor, has been imprisoned for more than a year on corruption charges, and he rejects those allegations. The Yeni Party - an opposition group that supports him - characterizes the case as politically motivated and contends it is meant to stop him from challenging Erdogan at a future election. Other opposition figures and members of the Istanbul local administration, numbering in the dozens, have been removed on similar grounds.

The bottom line: financing approvals, political risk and the city's stated priorities will influence when and how capital flows to contractors, lenders and anyone with Turkish exposure.

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