6 Billion Dollar Investment from the European Bank for Reconstruction and Development to Turkey

The European Bank for Reconstruction and Development (EBRD) announced that it has joined the Renewable Energy Acceleration and Clean Transition Platform for Turkey (REACT) and plans to invest 6 billion dollars in projects over the next 5 years.

The REACT platform, launched within the framework of the UN Climate Change Framework Convention 31st Conference of the Parties (COP31) held in Antalya, aims to mobilize 300 billion dollars of energy transition investment for Turkey by 2040. Formed in cooperation with the Ministry of Energy and Natural Resources, the platform covers generation, grid infrastructure, energy storage, and electrification areas.

EBRD President Odile Renaud-Basso emphasized the bank's support for Turkey's energy transition and stated that they will contribute to the country's vision of reaching 175 gigawatts of solar and wind energy capacity by 2040. In addition to the EBRD, the REACT platform is also supported by the European Union, the World Bank, IFC, GFANZ, IBRD, CIF, KfW, PPCA, the Royal Danish Embassy, and UNIDO.