Minister Bayraktar: $300 Billion Investment Needed for Energy Transition

Minister of Energy and Natural Resources Alparslan Bayraktar made statements regarding Turkey's energy policies on CNN Türk live broadcast. Bayraktar noted that new needs such as increasing population, urbanization, economic growth, and electric vehicles are increasing energy consumption, and emphasized that Turkey needs to generate more electricity in the coming period. He said the main goal is to meet the rising demand from clean and low-emission sources as much as possible. Bayraktar stated that Turkey has a 35% electrification target for 2035. Noting that renewable energy holds an important place in the 2040 energy plan, Bayraktar announced that the current installed wind and solar capacity of approximately 45,000 megawatts is targeted to increase to 175,000 megawatts by 2040. He said energy efficiency will also be an important part of the transition, aiming for more efficient use of energy in all areas of the economy. Stating that nuclear energy is indispensable for uninterrupted energy needs, Bayraktar said they aim to reach 20,000 megawatts of nuclear capacity by 2050. He stated that after the Akkuyu Nuclear Power Plant, new nuclear power plants in Sinop and Thrace are on the agenda, and small modular reactors are also in the vision. He noted that the agreement signed between Türkiye Nükleer Enerji AŞ and Canada-based AtkinsRéalis for CANDU reactor technology is an important step for the Sinop and Thrace projects. Bayraktar announced that negotiations on nuclear energy with Russia, China, South Korea, and Canada are ongoing, and they aim to decide on new power plant investments within 2027. Bayraktar stated that approximately $300 billion of investment is needed for the energy transition over the next 15 years, which means an annual investment of about $20 billion. He said contacts with institutions such as the World Bank, IFC, EBRD, and Asian Development Bank are continuing. He announced that with Saudi Arabia and the participation of 9 international financial institutions, an initial 2,000-megawatt energy investment is planned in Turkey, with the investment size expected to be approximately $1.3 billion. Within the scope of agreements signed with China, wind, solar, and energy storage projects as well as approximately 4 gigawatts of electricity transmission grid investment are planned. Stating that energy independence is at the center of Turkey's long-term energy strategy, Bayraktar added that they aim to reduce emissions by 40% by 2040, strengthen energy supply security, and reduce external dependence. Not investment advice.