CIF, EBRD and the World Bank have signed a USD 70 million investment plan for Turkey's green transformation. With this investment plan, Turkey will more than double its wind energy and quadruple its solar energy capacity by 2035 to achieve its net zero emission target.
With Turkey utilizing only 3% of its solar potential and 15% of its wind potential, CIF will contribute to “green growth” by providing USD 70 million in concessional financing from the Renewable Energy Integration (REI).
790 million dollar giant project
The financing will enable a USD 790 million project to transform the national energy transmission system by strengthening transmission infrastructure and connections and investing in smart grid upgrades.
330 million dollar investment
It will also allow for a USD 330 million investment in a range of technologies that will improve system resilience, including electric charging stations, grid digitization and a 7,500 megawatt increase in storage capacity.
These improvements will allow Turkey's power grid to integrate an additional 60 gigawatts of wind and solar capacity by 2035, increasing solar capacity from 14 gigawatts to 53 gigawatts and wind capacity from 12 gigawatts to 29.6 gigawatts.
Incentives are very important
CIF Chief Executive Officer (CEO) Tariye Gbadegesin stated that Turkey's wind and solar energy targets are among the most ambitious in the world and added: “Our support for a smart, flexible and harmonized national grid system will help Turkey reach its wind and solar energy targets faster.”
Osman Çelik, Deputy Minister of Treasury and Finance, stated that promoting renewable energy is important for Turkey's net zero emission target for a sustainable future.
Çelik noted the following:
“We are determined to increase our renewable energy capacity in line with our country's 2053 net zero emission and green development targets. Accelerating green and clean energy investments is of great importance in terms of utilizing the renewable energy potential of our country. Under this program, we remain committed to our strong partnership with the Climate Investment Funds, the World Bank Group and the EBRD to implement a fundamental clean energy transformation. This Program offers many opportunities to diversify Turkey's energy supply sources, promote green technology and competitiveness, thereby stimulating our economic growth.”
Comments
No comment yet.