Turkey to invest $10bn for electricity grid expansion

Turkey intends to invest $10 billion in the electricity grid by 2030 as part of its 2024-2030 energy efficiency plans, according to energy and natural resources minister Alparslan Bayraktar.

Ankara aims to reduce 100 million tonnes of carbon emissions as part of this plan, which will likely be issued next month, state-run Anadolu Agency reported.

Bayraktar disclosed that there are plans to introduce carbon emissions trading through the Energy Exchange Istanbul.

The minister stated that the country’s reliance on imported energy resources declined to 67.8 percent in 2022, compared to 70 percent over the past few years.

Ankara is targetting a reduction in external energy dependence within the next 30 years and eventually becoming a net-zero emission country, Bayraktar said.

Earlier this month, the Industrial Development Bank of Turkey set up its first green venture capital fund to support its target of net zero by 2053 after securing a $155 million loan from the World Bank.