The Renewable Energy Research Association (YENADER) announced that this year will be intense in the eyes of international institutions on the financing of climate and energy transformation, as well as the different dimensions of the global climate crisis. Calculations suggest that the investment need for Turkey’s energy transformation within 8 years will be between $5.3-7 billion on an annual basis.
It is calculated that until 2030, Turkey’s investment need for energy transformation will be between $5.3-7 billion on an annual basis.
According to the statement made by YENADER, 2022 will be a year in which intensive studies will be carried out before international institutions on the financing of climate and energy transformation, as well as the different dimensions of the global climate crisis.
‘RENEWABLE ENERGY STUDIES SHOULD ACCELERATE’
Kerem Alkin, Chairman of YENADER, whose views were included in the statement, stated that the orientation towards renewable energy should be accelerated in order to minimize carbon emissions in energy production.
Noting that resources for energy efficiency within the scope of climate finance will intensify in the future, Alkin said:
“The total investment need for energy transformation in Turkey in the 2019-2030 period is estimated to be between $5.3-7 billion per year, and the financing need is between $3.6-4.5 billion. Energy efficiency investments constitute 30-40% of the said investment need. In addition, it is predicted that 30% of the renewable energy financing needs will be met through models such as direct project funding, thematic bonds and crowdfunding in addition to financial institutions in the upcoming period. Electricity consumption, which exceeded 306 billion kilowatt-hours last year, is expected to increase by about 8% by the end of this year. In this context, electricity distribution companies are planned to invest ₺78 billion in the sector in the fourth implementation period covering the years 2021-2025. Significant progress has also been made in the work carried out with the aim of making Turkey a production and technology center in renewable energy. Turkey, which had a very low renewable energy capacity in the 2000s, ranks 5th in Europe and 12th in the world in terms of total renewable energy installed capacity with its investments in this field.”
Source: Sabah / Translated by Irem Yildiz