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- Climate Investment Funds (CIF) greenlit a $70 million investment to support Turkey’s clean energy growth, mobilizing an additional $1 billion in co-financing.
- By 2035, Turkey aims to double wind and quadruple solar capacity, requiring smart-grid upgrades to integrate 60 GW of new renewable capacity.
- CIF’s support, alongside the EBRD and World Bank, is expected to drive Turkey’s net zero targets and enable a greener, more flexible energy infrastructure.
The Climate Investment Funds (CIF) governing board approved a groundbreaking $70 million investment for Turkey. This plan will support Turkey’s clean energy ambitions by boosting the country’s power grid and catalyzing $1 billion in climate finance. With this initiative, Turkey aims to integrate a substantial increase in renewable energy, as outlined by CIF in collaboration with the European Bank for Reconstruction & Development (EBRD) and the World Bank.
Ambitious Clean Energy Goals
Turkey’s plan includes more than doubling wind energy and quadrupling solar capacity by 2035, moving towards its net zero goal for 2053. Currently, Turkey has tapped just a fraction of its solar and onshore wind potential—3% and 15%, respectively. Achieving these targets will require a reliable and adaptive national grid, designed to handle the variability of renewable sources.
CIF’s $70 Million Contribution
CIF’s Renewable Energy Integration (REI) platform will drive a $790 million project to transform Turkey’s power transmission system, expanding infrastructure, strengthening connections, and modernizing through smart-grid technology. Additionally, a $330 million investment will focus on energy flexibility with decentralized electric charging, digitalized grids, and a 7,500 MW increase in battery capacity. These advancements will allow Turkey to incorporate an additional 60 GW of wind and solar capacity by 2035, providing power for around 70 million homes annually.
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Tariye Gbadegesin, CEO of CIF, commented, “Türkiye has the solar and wind resources to execute one of the most ambitious clean energy scale-ups in the world. Our support for the development of a smart, flexible, and responsive national grid will help ready the country for such a rapid increase in intermittent wind and solar power. It’s exactly why the Climate Investment Funds and our multilateral development bank partners established the Renewable Energy Integration (REI) program: to offer catalytic and highly concessional finance that solves system-wide clean energy barriers and opens the way to a greener future.”
Supporting a Sustainable Future
In partnership, Osman Çelik, Turkey’s Deputy Minister of Treasury and Finance, affirmed, “Türkiye’s net zero emissions path towards a sustainable future requires commitment to fostering renewable energy…Catalyzing investments in green and clean energy holds great importance for utilizing our country’s potential in renewables.”
The REI program, endorsed by the G7, is unique in its exclusive focus on clean energy integration. CIF’s involvement aligns with the World Bank Group’s mission to support climate change mitigation and adaptation efforts globally, particularly in regions like Turkey, where renewable energy transformation is a priority.
Nadia Petkova, EBRD’s Managing Director for Impact & Partnerships, added, “The CIF’s Renewable Energy Integration Program (REI) is a key vehicle to help enhance the flexibility of energy systems for a smooth integration of higher shares of variable and intermittent renewable energy generation into the grid and increase off-grid access to renewable energy.”
As Turkey continues its energy transformation, CIF’s investment and the ongoing partnerships with the World Bank and EBRD pave the way for a more sustainable, diversified energy future, fostering economic growth and resilience.