Turkey’s energy demand has tripled over the past two decades, prompting the need for an $80 billion investment to address its growing requirements, Energy Minister Alparslan Bayraktar announced on Monday.
Ambitious Renewable Goals
Speaking at the International Renewable Energy Agency (IRENA) assembly in Abu Dhabi, Bayraktar emphasized the necessity of attracting capital to Turkey’s energy markets. He stated:
“We need to find new business solutions. Now we face the greater challenge of becoming a carbon-neutral economy by mid-century, and renewables are key to addressing these challenges.”
Turkey aims to quadruple its renewable energy capacity by 2035, targeting 120GW from solar and wind. Nuclear power will complement this strategy, requiring substantial investments to achieve these ambitious goals.
Current Achievements in Renewables
Turkey has developed 32GW of renewable energy capacity, including solar, wind, geothermal, and biomass. The country has also made strides in energy efficiency, reducing energy intensity by over 30% in the last two decades and achieving a 4.5% energy savings rate in 2023, well above the global average of 1%.
Investment in Grid Infrastructure
To support its renewable expansion, Turkey plans to invest approximately $28 billion in its grid infrastructure over the next decade. Bayraktar highlighted the importance of strengthening interconnections with neighboring markets, stating:
“We are currently supplying power to Iraq and aim to expand supply to Syria as regional stability improves.”
A Path Toward Sustainability
The minister underscored Turkey’s commitment to a sustainable energy future:
“We have a very ambitious renewable program, but to make it a reality, we need significant investments and regional cooperation.”
Turkey’s renewable energy push aligns with global efforts to combat climate change and secure a sustainable energy supply for the future.