RIYADH: The European Bank for Reconstruction and Development plans to invest $6 billion over five years in Turkiye’s new renewable energy platform, REACT, launched at COP31.
The Renewable Energy Acceleration and Clean Transition program aims to mobilize $300 billion in investment across the renewable energy value chain by 2040, in line with the COP31 goal to increase electricity’s share of global final energy consumption to 35 percent by 2035.
Turkiye’s installed electricity capacity reached 126 gigawatts at the end of June, of which 79 GW came from renewable sources, according to the country’s Ministry of Energy and Natural Resources.
Solar capacity stood at 27.2 GW and wind at 15.2 GW, together accounting for 33.7 percent of the total.
“The EBRD has a substantial footprint in Turkiye’s energy sector, and we stand ready to build on this experience by mobilising investment and deploying our expertise to support the country’s energy transition,” said Odile Renaud-Basso, EBRD president.
She added: “Turkiye has set ambitious targets for its energy transition, and we welcome the determination it is showing to translate this ambition into investment and action.”
The bank played an active role in designing REACT, working closely with the Ministry of Energy and Natural Resources to support its establishment.
“We are proud to build on our close collaboration with our Turkish partners to establish…
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