Turkey to attract $28B investment in renewable energy, IFC indicates

Published 20.11.2016 21:34
Updated 20.11.2016 21:38

World Bank Group member The International Finance Corporation (IFC) predicts that Turkey will attract about $28 billion in investments in renewable energy by 2020. Foreign investors' interest in Turkey, which is in the position of an energy importer and aims to increase the share of renewable energy resources in electricity production, is gradually increasing. According to Anadolu Agency's compilation from the IFC's "Climate Investment Opportunities in Emerging Markets" report, Turkey's growth in gross domestic product left many G20 countries behind despite recent political events in the country, therefore enabling the investors' interest in Turkey to continue.

The report indicates that Turkey, which has the potential for investors in the clean energy sector, will receive $27.7 billion in investment in renewable energy by 2020, amounting to $16.4 billion in wind energy, $7.4 billion in solar power, $3.4 billion in geothermal and $560 million in the hydroelectric field.

The completion of the said investments is of grave importance in terms of Turkey's goals in renewable energy.

Under the scope of the environmentally friendly investments in Turkey, about $47 billion will be invested in transportation infrastructure projects, green buildings and waste management.

Around $18.6 billion will be spent on the new green buildings in line with Turkey's pace in industrialization and urbanization. In addition, environment friendly investments will come to the agenda in the transportation sector, one of the most growing fields in the country. In this context, at least $24 billion will be invested in low carbon transportation by 2020.

Stressing that the creation of a more sustainable environment in Turkey, the dissemination of electric vehicles in transportation and the completion of high-speed train projects are required, the report points out that more eco-friendly investments will be made in transportation depending on the realization of these plans. Besides, $4.4 billion is expected to be invested in waste management.

Turkey aims to meet 37 percent of its electricity generation from renewable energy sources by 2023. The IFC suggests that Turkey, which invested $1.9 billion in renewable energy last year, is moving toward this goal with certain steps.

By 2023, Turkey plans to build an additional capacity of 20,000 megawatts of wind energy, 5,000 megawatts of solar energy and 600 megawatts of geothermal energy.

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