The European Bank for Reconstruction and Development (EBRD) announced Wednesday that it plans to invest $6 billion over the next five years in projects under Türkiye's Renewable Energy Acceleration and Clean Transition Platform (REACT).
The platform was launched on the sidelines of the COP31 climate conference in Antalya, with the EBRD joining as an initial signatory after helping shape the initiative alongside Türkiye's Energy and Natural Resources Ministry.
REACT aims to mobilize $300 billion by 2040 across renewable generation, grid infrastructure, energy storage, flexibility solutions, manufacturing and electrification, in line with COP31's 35-by-35 Global Electrification Pledge.
The initiative will support Türkiye's ambition to reach 175 gigawatts of installed solar and wind capacity by 2040.
REACT is designed as a coordination and investment-mobilization framework. It brings together public institutions, development partners, financial institutions, investors, the private sector and other stakeholders around a shared implementation agenda.
EBRD President Odile Renaud-Basso said the bank would draw on its experience in Türkiye's energy sector to support the transition through investment and expertise.
"Türkiye has set ambitious targets for its energy transition," Renaud-Basso said.
She welcomed the country's determination to turn those ambitions into investment and action, highlighting cooperation with Turkish partners and the bank's experience with Türkiye's Industrial Decarbonization Investment Platform.
Other supporters include the European Union, World Bank, International Finance Corporation (IFC), Glasgow Financial Alliance for Net Zero (GFANZ), Climate Investment Funds (CIF), Germany's KfW development bank and the U.N. Industrial Development Organization (UNIDO).
The EBRD is among Türkiye's largest institutional investors, having invested more than 26 billion euros (nearly $29 billion) in the country, predominantly in the private sector.
