Over the past decade, growing energy demand and concerns about the security of natural gas imports have pushed Turkey to rethink how its power is generated and consumed. Turkey’s national development plan supports investments to harness the country’s wealth of renewable energy resources. The plan aims to increase renewable energy capacity from 13,500MW to 30,000MW by 2020, and will reduce Turkey’s total greenhouse gas (GHG) emissions by 11.4% compared to business as usual (BAU).
...the amount of additional renewable energy capacity expected to be supported by CTF financing
To address technical and financial constraints, the government of Turkey has worked closely with the European Bank for Reconstruction and Development (EBRD), members of the World Bank Group (IBRD, IFC), and key Turkish stakeholders, to design an investment plan that taps US$250 million from the Clean Technology Fund (CTF) for a range of innovative, high-impact energy sector projects. CTF financing is expected to leverage an additional US$2.25 billion for investments in energy efficiency, renewable energy, and smart grid upgrades to facilitate greater integration of renewable energy. GHG emissions savings and reductions for CTF financed projects are estimated at 87 MtCO2e.