Minister Bayraktar stated that they foresee an investment of 300 billion dollars by 2040 for Türkiye's energy transformation.

Bayraktar spoke at the "COP31 Turkey-IEA Energy Ministers Meeting: Designing Energy Transformation in a Changing Global Environment" meeting, held within the scope of the 31st Conference of the Parties (COP31) to the United Nations Framework Convention on Climate Change, hosted by Turkey, in Antalya.

Pointing to the recent developments around the world, Bayraktar said that while the world is trying to reduce emissions in order to achieve climate goals, it is also trying to ensure economic growth and energy security.

Emphasizing that energy security is a matter of national security, Bayraktar said, "We find ourselves in the middle of a perfect storm and we need to find a way out of this situation. Our response to these crises should support development while reducing our vulnerability to supply shocks. As Türkiye, we believe that the way forward is through electrification." he said.

Recalling the "National Energy 2040" plan, which reveals Türkiye's long-term vision for the energy sector, Bayraktar continued as follows:

"We will direct the increase in oil and natural gas demand to electricity demand. We have an ambitious plan to increase our total installed power from 128 gigawatts to 281 gigawatts by 2040. 175 gigawatts of this capacity will consist of wind and solar energy. We will increase the share of renewable energy in the total installed power from 63 percent today to 77 percent by 2040. In addition, the basic element of a balanced, reliable and low-carbon energy system "We aim to develop 10 gigawatts of nuclear energy capacity."

Minister Bayraktar stated that simply increasing the production capacity will not be enough and said, "The energy system of the future requires flexibility, storage and stronger interconnection networks. Therefore, our plan also includes 140 gigawatt-hours of battery storage capacity and 15 gigawatts of interconnection capacity. These investments will enable us to integrate higher rates of renewable energy into the system, strengthen the durability of the system and deepen regional energy cooperation." he said.

Stating that efficiency is one of the foundations of Türkiye's energy strategy, Bayraktar said, "In order to achieve climate targets, the rate of improvement in global energy efficiency must be more than doubled. Turkey's National Energy Efficiency Action Plan aims to mobilize investments of 20.2 billion dollars in the 2024-2030 period. Energy efficiency along with electrification will allow us to save a total of 240 billion dollars by 2040." he said.

"National Energy 2040 plan is our commitment to this future"

Drawing attention to the investment needed to realize this vision, Minister Bayraktar said, "We predict that this transformation will require an investment of approximately 300 billion dollars by 2040. While this is a major initiative, it also offers a tremendous investment opportunity. We need strong partnerships, innovative technologies and a predictable investment environment to mobilize the necessary capital. The theme of this year's COP is particularly important in this respect. The key to success is implementation. We set goals, we made promises, but now it is time to implement them." made his assessment.

Referring to energy security, Bayraktar said, "As Turkey, we are determined to play an active role in this transformation by not only strengthening our own energy infrastructure but also contributing to regional and global energy security. I believe that the future of energy will be shaped by countries that can combine ambitious goals with realistic policies, strong infrastructure and effective international cooperation. The National Energy 2040 plan is our commitment to this future." he said.