EBRD has invested €14 billion in Türkiye's green energy transformation to date

A session titled "Global Finance Summit" was held within the scope of the 31st Conference of the Parties (COP31) to the UN Framework Convention on Climate Change, hosted by Türkiye for the first time.

Minister of Treasury and Finance Mehmet Şimşek and EBRD President Odile Renaud-Basso attended the session.

In his speech here, Renaud-Basso emphasized that Türkiye is an important working partner for EBRD and said that it is one of the countries in which the bank invests the most in terms of investment.

Noting that they have allocated 14 billion euros, which corresponds to more than half of their investments in Türkiye to date, to green energy, Renaud-Basso stated that this is the biggest priority for them.

Pointing out that their top priority in direct investments is to ensure green transformation, Renaud-Basso said, "There have sometimes been challenging periods in Türkiye. Each time, we have seen how resilient Türkiye's energy capacity and economy are. At the same time, we have seen the agility of economic actors, we have seen how flexible people can be, and we have seen how they constantly contribute to the growth and development of the country. Looking ahead, our goal is to really continue to support the country, to support it to become greener, to ensure economic transformation and to transform the economic model." he said.

Referring to Türkiye's target of 175 gigawatts of solar and wind energy by 2040, Renaud-Basso stated that this is a very ambitious target.

Renaud-Basso pointed out that natural disasters are increasing, stating that droughts, heat waves and fires are increasing.

Noting that technology is transforming very quickly and becoming much cheaper, Renaud-Basso concluded his speech as follows:

"Renewable energy is now cheaper. If you want to develop new electricity generation capacity, you can get the best value for your money in renewable energy, and wind and solar potential is really high in Türkiye. At the same time, we see this when we look at the geopolitical situation. There is a really huge fluctuation in energy prices. Therefore, this creates an addiction. It leads to risk for the whole economy. Therefore, this creates an additional incentive and we see this in countries like Turkey, but we also see it beyond that. We see this in most of the developing and developing countries. They all have this goal and at the same time it is economic growth and sustainable economic development." "Everyone understands how important it is for us. This will be better for both the environment, the people and competitiveness. 10 years after the COP in Paris, it is very important to really focus on implementation and invest in the right projects and strategic planning."