Turkey's National Energy Efficiency Plan welcomed by EBRD

12/01/2018 16:10 Energy Efficiency

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The European Bank for Reconstruction and Development (ERD) salutes Turkey's National Energy Efficiency Action Plan (NEEAP). It has as a target to reduce 14 percent of primary energy consumption by 2023 and invest almost $11 billion in energy efficiency measures.

The Bank said that Turkey is one of the fastest emerging economies in the world with a real GDP growth forecasted at around 7 percent in 2017, and its energy demand is likely to increase.


The government predicts around 5.5 percent annual economic growth for the following 3 years. 


According to data presented by government, Turkey has the biggest growth rate of energy demand among all OECD nations. Nevertheless, it can meet only 26 percent of its total energy needs from domestic resources. Also, the country is relying on imports for over 90 percent of its oil and gas they use.


At the same time, the Bank iterated that NEEAP measures would help face this challenge. The settled plan includes 55 actions in different sectors from industry, transport, construction, agriculture, energy generation and transformation along with a lot of measures.


The Bank is backing the Turkish government in enhancing and streamlining the regulatory framework for the development of the green energy sector. The Turkish state is also investing considerably in developing its potential in renewable sources of energy such as wind, solar, hydro and geothermal energy production.


The country expects to have 30 percent of its total installed capacity from green sources by 2023. It aims to add 34 gigawatts of hydropower, 20 gigawatts of wind energy, 5 gigawatts of solar energy, 1.5 gigawatts of geothermal and 1 gigawatt of biomass.


Turkey also has as an objective to have 10 percent of its transport sector needs met by renewables.


Renewable energy projects represent half of the Bank’s interest in Turkey. The EBRD has invested €10 billion in various areas of the country’s economy, with almost all funding in the private sector.

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