Renewables

EBRD supports Turkey’s shift to renewable energy

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Published

February 16, 2015

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Published:

February 16, 2015

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Turkey has taken an important step towards reaching its 2023 renewable energy targets thanks to support from the European Bank for Reconstruction and Development (EBRD), reads the press release of EBRD.

In a move to grow the share of renewables in the country’s energy mix, increase security of energy supply and reduce greenhouse gas emissions, the Turkish Ministry of Energy and Natural Resources has developed – with the support of the EBRD – Turkey’s first National Renewable Energy Action Plan in line with the EU’s Renewable Energy Directive.

Turkey has pledged to develop 30 per cent of its total installed capacity from renewable sources by 2023. The objective is to add 34 GW of hydropower, 20 GW of wind energy, 5 GW of solar energy, 1 GW of geothermal and 1 GW of biomass. The country also aims to have 10 per cent of its transport sector needs met by renewable energy.

To achieve this goal Turkey must increase its non-hydro renewables output about sevenfold in less than ten years. The action plan developed with the EBRD is the guiding document for the Ministry of Energy and Natural Resources to meet these targets.

It sets out the course of action required to attract more investment in renewable energy projects. For example, the document identifies the regulatory gaps hindering private investment in the sector and establishes measures based on international best practices.

These include financial support for projects, cutting red tape and improving the legal framework, enhancing the interconnection infrastructure and developing support mechanisms such as the early stage geothermal support framework currently being pioneered by the Bank.

The initiative to support the Turkish Ministry of Energy and Natural Resources in developing the action plan is funded by a EUR 150,000 grant provided by the government of Spain. This financing enabled the EBRD to hire the Deloitte consultancy to work with the Ministry.

The involvement of the EBRD builds on a Sustainable Energy Action Plan signed with the Turkish Undersecretariat of the Treasury in 2011. In line with the plan, the Bank works with the government, provides donor-funded technical advice and invests in renewable energy projects.

 

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