Regarding the COP31 Presidency's target of meeting 35 percent of energy consumption from electricity in 2035, Koç Holding Deputy Chairman of the Board of Directors, Ali Y. Koç, said, "If the target is achieved, it is predicted that the energy costs of countries like us, which are dependent on imports, will decrease by 400 billion dollars. This means that we can be more competitive."
Koç Holding Deputy Chairman of the Board of Directors Ali Y. Koç and International Energy Agency (IEA) President Dr. Fatih Birol evaluated the global energy transformation, competitiveness and the role of the business world in the transformation process before COP31.
Koç and Birol, who came together at the "Oxygen Beyond Climate: Towards Antalya" summit held at the Rahmi M. Koç Museum, hosted by COP31 Global Business Partner Koç Holding, discussed the effects of energy transformation on economic growth and competitiveness in the session moderated by journalist Barçın Yinanç.
“Green transformation also offers potential for the business world”
Ali Y. Koç pointed out the importance of creating an investment environment that will encourage green transformation investments and said that grid and storage investments are needed because renewable energy resources cannot produce uninterruptedly.
Koç said, "At the point we have reached today, 61 percent production capacity covers 40 percent of energy consumption. We need serious network investments and storage to close this gap. This situation also offers potential for the business world. Currently, 6 times the storage capacity in the world is needed. Therefore, the public must provide an environment where the business world can invest in green transformation and attract investors."
“Climate has become an important factor determining competition”
Stating that energy, finance, technology and geopolitical developments are becoming more interconnected in international competition, Koç stated that climate policies are also an important competitive element.
Koç said, "Climate was not a competitive factor as much as it is today. For example, regulations in this field such as carbon costing at the border or climate-related incentives vary from country to country. The cost of energy in Europe is twice that of America. The cost of work also affects competition greatly."
Stating that public supports are effective in increasing the share of Chinese companies in global markets, Koç pointed out that China has prioritized electrification for many years in line with its strategic independence perspective.
“It is important to unite financial institutions with countries in need of financing.”
Koç stated that Koç Holding's participation in the COP31 Global Business Partnership is important in terms of both contributing to Türkiye's hosting and explaining the company's work.
Stating that the COP31 Presidency has a clear road map, Koç reminded that IEA predicts that the target of 35 percent of energy consumption to be met by electricity in 2035 will be realized at 33 percent.
Koç said, "So, by setting a target of 35 percent in 2035, we are talking about a truly achievable figure. In fact, if the target is reached, it is predicted that the energy costs of countries like us that depend on imports will decrease by 400 billion dollars. This means that we will be more competitive."
Stating that there is no shortage of capital in the world, but there is a need for financing for climate goals, transformation plans and energy security projects, Koç pointed out the importance of bringing together the projects that financial institutions want to invest in and the countries that need financing.
