Turkey's $300 Billion Investment Plan for 2040 Energy Transition

Minister of Energy and Natural Resources Alparslan Bayraktar announced at a meeting held within the scope of COP31 that Turkey anticipates an investment of approximately $300 billion for its energy transition by 2040.

Minister Bayraktar stated that within the framework of the "National Energy 2040" plan, oil and natural gas demand will be directed toward electricity demand. In this context, the total installed capacity is targeted to increase from 128 gigawatts to 281 gigawatts. It is projected that 175 gigawatts of the planned capacity will be provided from wind and solar energy sources.

The share of renewable energy in the total installed capacity is planned to be increased from 63 percent to 77 percent. Additionally, increasing the electricity interconnection capacity with neighboring countries from 5.4 gigawatts to 15 gigawatts is among the targets. Minister Bayraktar stated that a total of $240 billion in savings could be achieved by 2040 through electrification and energy efficiency efforts.