Turkey's 2035 Energy Transition Strategy: Focus on Renewables
Turkey unveiled its 2035 Energy Transition Strategy, emphasizing renewable energy goals to secure supply, reduce energy dependence, and achieve net zero carbon emissions by 2053.
Ambitious Renewable Energy Goals
Turkey aims to expand its renewable capacity from 30,000 MW to 120,000 MW by 2035. This requires an annual investment of 7,500-8,000 MW and a total investment of $80 billion.
Streamlined Permitting Processes
- Current Status: Permitting takes an average of 48 months.
- Goal: Reduce this timeframe to under 24 months, accelerating renewable projects
Efficiency and Export Targets
- $20 billion investment in energy efficiency between 2024-2030.
- Turkey aims to become a net energy exporter within the next 30 years.
Innovative Policies: Floor Prices and YEKA Auctions
To support investors, a floor price mechanism will be introduced. If electricity market prices fall below the set threshold, the government will provide financial support.
YEKA auctions will start in 2024 with 2,000 MW capacity and focus on fast-tracking investments.
Shaping Turkey’s Energy Future
The 2035 Strategy outlines record-breaking renewable energy goals, streamlined permitting, and innovative policies. These steps will position Turkey as a leader in renewable energy and sustainable development.