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Speeches & TranscriptsDecember 4, 2023

Remarks by World Bank Country Director for Türkiye

The World Bank would like to congratulate the Government of Türkiye for its remarkable achievement on renewable energy, which now accounts for 55% of total installed capacity of 106 gigawatts (GW). We also would like to recognize Türkiye for taking the decision to double renewable energy generation capacity by adding 60 GW of solar and wind by 2035.

This is one of the most ambitious programs the world has seen among energy transition countries. The Government’s program includes the modernization and digitization of the transmission grid – “no transition without transmission”- which will enable the integration of intermittent capacity, as well as the modernization of the distribution network. The cost of the whole initiative will be in the $75-100 billion range and will require close collaboration among the public sector, private sector, and multilateral development banks, including the World Bank, working together over the coming years in a long run partnership.

Together with efforts to electrify the heating of buildings, transport and industry, this initiative is a necessary and much welcomed step towards reaching net zero emissions by 2053. The decarbonization of the power sector requires not only the expansion and integration of renewable energy, but also actions to boost energy efficiency.

The World Bank will accompany Türkiye in its energy transition effort focusing on modernizing and digitizing the transmission and distribution grid, building institutional and planning capacity, as well as addressing key barriers to enable a scale up of private capital investments in support of Türkiye’s ambition. And IFC and MIGA will explore alternatives to facilitate the flow of private sector resources towards renewable generation and distribution.

Transitioning to clean, renewable energy is critical to achieve energy security, build resilience to volatile energy prices, lower energy costs, and fight climate change.

The World Bank has been a longstanding partner to Türkiye in the energy sector supporting efforts to improve the regulatory framework and attract private investment. In addition to our $2.5 billion portfolio under implementation in the sector we are already working on new operations to enhance energy efficiency, expand the use of solar rooftop, and as announced by Minister Alparslan Bayraktar, modernize the transmission grid in the context of the Government scale up of renewables.

To watch the replay of the event, click here.


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