November 3, 2024, Turkey - The Climate Investment Fund (CIF) Board of Directors has approved a $70 million investment plan aimed at enhancing Turkey's electricity transmission system and supporting ambitious clean energy initiatives. This funding is part of a broader strategy that includes an additional $1 billion for climate finance.
Turkey aims to double its wind energy capacity and quadruple its solar energy capacity by 2035, as part of its goal to achieve net zero emissions by 2053. Currently, Turkey utilizes only 3% of its solar energy potential and 15% of its onshore wind energy potential. A robust national grid is essential for integrating these variable energy sources effectively.
The CIF financing will facilitate the transformation of Turkey's national power transmission system, enhancing infrastructure and investing in smart grid technologies. The plan, developed with the European Bank for Reconstruction and Development (EBRD) and the World Bank Group, is expected to generate over fifteen times its initial investment in co-financing.
Key targets include increasing solar photovoltaic capacity from 14 GW to nearly 53 GW and wind capacity from 12 GW to 29.6 GW by 2035. This expansion is projected to produce approximately 70 million tonnes of oil equivalent (Mtoe) of renewable energy, sufficient to power around 21.6 million average homes for a year.
The Renewable Energy Integration (REI) program, endorsed by G2021 countries, is the only climate finance initiative focused exclusively on clean energy integration. CIF CEO Tariye Gbadegesin emphasized the necessity of a smart and flexible grid to harness Turkey's solar and wind resources effectively.
Deputy Minister of Treasury and Finance Osman Çelik reaffirmed Turkey's commitment to enhancing renewable energy capacity to meet its net zero target. The support from EBRD and the World Bank aims to facilitate Turkey's clean energy transition and promote sustainable growth.
This investment marks a significant step towards Turkey's clean energy transition, positioning the country as a model for global attention in sustainable energy practices.