The European Bank for Reconstruction and Development (EBRD) plans to invest USD 6 billion in renewable energy and clean energy transition projects in Türkiye over the next five years, APA-Economics reports, citing a statement released by the bank during COP31.
According to the statement, the EBRD has joined Türkiye's Renewable Energy Acceleration and Clean Energy Transition (REACT) Platform, presented at COP31.
The platform's main objective is to attract USD 300 billion in investment for Türkiye's energy transition by 2040.
The funds are expected to be directed toward solar and wind energy projects, modernization of electricity grids, energy storage systems, manufacturing of energy equipment and electrification measures.
The EBRD worked closely with Türkiye's Ministry of Energy and Natural Resources to establish the platform.
The initiative is also supported by the European Union, the World Bank, the International Finance Corporation (IFC), Germany's KfW Development Bank and other international financial institutions and organizations.
EBRD President Odile Renaud-Basso stated that the bank has extensive experience in Türkiye's energy sector and is ready to mobilize investments to support the country's energy transition.
According to her, Türkiye has set ambitious energy transition targets, and accelerating investment is essential to achieving these goals.
Note that Türkiye aims to increase the total installed capacity of its solar and wind power plants to 175 gigawatts by 2040.
To date, the EBRD has invested more than EUR 26 billion in Türkiye's economy, primarily in the private sector.
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