The renewable energy transition in Türkiye presents a promising economic driver, enabling the country not only to diversify its energy resources but also position itself as a competitive player in the regional energy market, which could attract further investments, global management consulting firm Bain & Company's partner told Anadolu Agency (AA) on Tuesday.
The Turkish market faces certain challenges but also presents significant opportunities in pursuing the 2053 net-zero target, according to Armando Guastella.
"Challenges include a high reliance on coal-fired power and a need for broader emissions reporting and regulatory frameworks," he explained.
"However, opportunities exist in Türkiye's potential to leapfrog mature economies in developing sustainable systems, its strategic geographical position adjacent to key European markets and its emerging renewable energy sector," Guastella said.
"With the commitment to increase renewable energy capacity significantly by 2035, Türkiye is positioned to leverage this transformation for economic growth, provided that legal and policy frameworks are strengthened to attract necessary investments from both domestic and international investors," he said.
Reaching Türkiye's net-zero goal by 2053 "requires coherent action across both governmental policies and private sector initiatives," Guastella said and added that "the private sector must engage in setting and verifying science-based decarbonization targets and enhancing supply chain collaboration."
He also emphasized the importance of significant investments in net-zero technologies and renewable energy, coupled with comprehensive stakeholder engagement and knowledge sharing.
"Education and awareness initiatives will also need to be amplified to foster a country-wide adoption of sustainable practices," Guastella said.
He also said that global business leaders claim bolder government action in supporting the large-scale transformation required by transition goals.
While 91% of business leaders recognize the net-zero transition as an investment opportunity, fewer than 1% believe progress is on track, Guastella said, according to the finding of the Global Business World Breakthrough Barometer, in collaboration with the World Business Council for Sustainable Development, ahead of the COP29.
"Progress exists, and the necessary technologies are already available. In some regions, strong policies – such as standards, subsidies and direct investments – are driving energy transition efforts. However, the pace of change remains insufficient. This decade is pivotal, and additional policy support is vital to creating market conditions that ensure widespread adoption of low-carbon technologies," he said.
