Turkey has announced an ambitious energy transition strategy to quadruple its wind and solar capacity, targeting 120 gigawatts (GW) by 2035 as part of its commitment to a carbon-neutral strategy. This transition aims to reduce the country’s reliance on fossil fuels, promote environmental sustainability, and stabilize the economy by mitigating oil and gas price fluctuations. A total of $108 billion in public and private investments will fund this large-scale project, reflecting Turkey’s strong commitment to an ESG framework focused on sustainable growth and environmental impact. 

To support this strategy, $28 billion of the total investment will be dedicated to upgrading electricity transmission infrastructure, including transformers and high-voltage networks, which are essential for integrating renewable energy into the national grid. Turkey’s regulatory updates will facilitate project financing, especially for small producers, by providing floor prices and long-term purchase guarantees that attract investment. 

Turkey has steadily increased its renewable energy production, reaching 30 GW of installed capacity since 2005. However, the country’s growing electricity demand and long approval processes for renewable projects pose challenges. To overcome these obstacles, Turkey plans to streamline permitting processes and has scheduled new renewable energy bids beginning in 2025, with 2 GW of new capacity to be added annually. 

Further bolstering its renewable capacity, Turkey is investing in energy storage projects totaling 7.5 GW to stabilize its grid amid rising intermittent energy sources like wind and solar. Additionally, modular nuclear mini-plant projects are being explored to diversify the national energy mix further. 

This transformation positions Turkey as a key player in the renewable energy market, with incentives such as long-term purchase agreements and investments from organizations like the World Bank and the European Bank for Reconstruction and Development (EBRD), propelling the nation toward a sustainable, carbon-neutral future. 

Sources:  

https://energynews.pro/en/turkey-embarks-on-an-ambitious-energy-transition-by-2035/ 

https://www.linkedin.com/posts/energynews-pro-en_turkey-embarks-on-an-ambitious-energy-transition-activity-7254476907939872768-QZzm/ 

https://www.hurriyetdailynews.com/turkiye-embarks-on-multilayered-energy-transformation-strategy-minister-201407 

https://energynews.pro/en/the-uk-targets-81-emissions-reduction-by-2035-a-strong-signal-ahead-of-cop29/