A massive investment in new energy in Turkey! 70 million dollars.

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Climate Investment Funds (CIF), the European Bank for Reconstruction and Development (EBRD), and the World Bank have signed a $70 million investment plan that will strengthen Turkey's energy transmission system and mobilize an additional $1 billion in climate finance.

According to a statement from CIF, this investment will help realize one of the world's most ambitious clean energy expansions.

POTENTIAL IS FAR ABOVE WHAT IS BEING USED

As part of its net-zero emissions target, Turkey plans to more than double its wind energy and quadruple its solar energy capacity by 2035. Despite having high values in terms of renewable energy potential, it is stated that Turkey is only utilizing 3% of its solar energy potential and 15% of its wind potential. In this context, the $70 million concessional financing provided by the CIF Renewable Energy Integration (REI) investment platform will contribute to the "green growth" of Turkey's energy system. This financing will strengthen transmission infrastructure and connections and enable a $790 million project aimed at transforming the national energy transmission system through smart grid improvement investments. Additionally, it will allow for a $330 million investment in a range of technologies that will enhance system flexibility, including the addition of 7,500 megawatts of storage capacity, electric charging stations, and the digitalization of the grid.

These improvements will allow Turkey's electricity grid to integrate an additional 60 gigawatts of wind and solar energy capacity by 2035, increase solar energy capacity from 14 gigawatts to 53 gigawatts, and raise wind capacity from 12 gigawatts to 29.6 gigawatts.

TURKEY IS DETERMINED TO INCREASE RENEWABLE ENERGY CAPACITY BY 2053

In a statement, CIF CEO Tariye Gbadegesin noted that Turkey's wind and solar energy targets are among the most ambitious in the world, stating, "Our support for a smart, flexible, and resilient national grid system will help achieve wind and solar energy targets more quickly."

Deputy Minister of Treasury and Finance Osman Çelik also emphasized the importance of promoting renewable energy in Turkey's net-zero emissions target for a sustainable future.

Çelik stated: "We are determined to increase our renewable energy capacity in line with our 2053 net-zero emissions and green development goals. Accelerating green and clean energy investments is of great importance in evaluating our country's renewable energy potential. Within the scope of this program, we continue our commitment to a strong partnership with Climate Investment Funds, the World Bank Group, and EBRD to implement fundamental clean energy transformation. This program offers many opportunities to diversify Turkey's energy supply sources, promote green technology and competitiveness, and thus stimulate our economic growth."