Antalya:Trkiye plans to invest approximately $300 billion in its energy transition by 2040, with electrification and energy efficiency expected to generate $240 billion in cumulative savings, Energy and Natural Resources Minister Alparslan Bayraktar announced at COP31.
According to Emirates News Agency, Bayraktar shared these insights during a panel titled "Architecting Energy Transitions in a Shifting Global Landscape" at the COP31 climate conference. He emphasized the necessity of substantial investment, strong partnerships, innovative technologies, and a predictable investment environment to achieve Trkiye's energy goals.
Bayraktar highlighted Trkiye's commitment to enhancing regional and global energy security while bolstering its domestic energy infrastructure. The country aims to increase its total installed power capacity from 128 gigawatts to 281 gigawatts by 2040, focusing on wind and solar energy, which are expected to account for 175 gigawatts.
The minister also mentioned Trkiye's National Energy Efficiency Action Plan, which aims to mobilize $20.2 billion between 2024 and 2030. He stressed that the combination of electrification and efficiency is projected to deliver significant savings by 2040.