Turkey ratified the Paris Agreement just weeks ahead of the 26th UN climate change conference (COP26) in Glasgow, making it the last G20 country to do so. However, Turkey still refused its classification as a "developed country."

Turkish parliament on Wednesday said in a statement that Turkey would ratify the agreement as a "developing country," and would implement it based on "equity, common but differentiated responsibilities and assigned capabilities."

Turkey has been a signatory to the Paris Agreement since April 2016, while it refused to ratify the deal by saying that it was unfair to place Turkey among the developed countries.

Speaking at the UN General Assembly in September, Turkish President Recep Tayyip Erdogan said Turkey had not ratify the agreement "due to the injustices related to state obligations and burden-sharing."

But following "progress made within the framework of the agreement recently," Turkey would ratify the deal "in conformity with the positive steps which will be taken," Erdogan added.

Listed in Annex I by the UN Framework Convention on Climate Change (UNFCCC) in 1992, Ankara was obliged to provide financial help to developing countries. But Ankara defended that it had few responsibilities for greenhouse gas emissions.

Therefore, Turkey applied to the UNFCCC secretariat to have its name removed from the Annex I list and be included in the list of "developing countries," which can benefit from climate change funds.

Its proposal will be discussed at the COP26 on Oct. 31, which will be held in Glasgow, Scotland to help illustrate the urgency of the problem of climate change, where nearly 200 nations will address precautions for eradicating carbon gas emissions.

As Turkey becomes a party to the agreement, it will be able to benefit from the UN's Green Climate Fund, access other funds that provide climate finance and will benefit from the opportunity to trade in the newly formed international emission markets.

After Turkey stepped up to be part of the accord, the European Bank for Reconstruction and Development (EBRD) approved the "Green Economy Financing Programme" project on Sept. 28, which will provide Ankara with more than 500 million Euros.

Another motivation that lies behind Turkey's move to ratify the deal is the possible trade difficulties it would face in the lack of the climate pledge.

On June 8, experts and representatives of the business chambers of Turkey briefed the Turkish lawmakers on the issue of climate change and warned that Turkey would face serious trade barriers if it did not ratify the Paris Agreement.

Ahmet Saygin Baban from the Union of Chambers and Commodity Exchanges of Turkey (TOBB) told the lawmakers that ratification of the deal may mitigate some adverse impacts of the European Union's planned carbon border tax.

He recalled that Turkey makes 60 percent of its exports to the G7 countries and Turkish businesses would face a very serious loss with the carbon tax at the border, increased financing costs, along with loss of competitiveness. Moreover, the country would not be able to sign free trade agreements if the accord was not signed.

If the EU collects a carbon tax between 30-50 euros per ton from Turkey it would cost one or two million euros annually, Baban noted.

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