Skip to content Skip to Search
Skip navigation

Turkey to invest $10bn for electricity grid expansion

Person, Human, Cable REUTERS/Siphiwe Sibeko
Ankara aims to reduce 100 million tonnes of carbon emissions as part of this plan, which will likely be issued next month

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.

Latest articles

Knight Frank predicts that the value of the Saudi Arabia's construction projects will grow to $181.5 billion by the end of 2028

Riyadh dominates Saudi Arabia’s construction market

Riyadh and its surroundings account for nearly 40 percent of the value of existing construction contracts in Saudi Arabia, at US$54 billion, according to new research. The provinces of Mecca – which includes Jeddah – and Tabuk in the north of the kingdom follow the capital region, with $28.7 billion and $28.5 billion in awarded […]

'We need to be extra cautious, but... also opportunistic', says Bahrain FinTech Bay CEO Bader Sater about the country's approach to crypto

Bahrain remains cautious but crypto pursuit advances

Bahrain will not sacrifice its position as a trusted financial centre as it chases cryptocurrency millions, according to the boss of fintech incubator Bahrain FinTech Bay. Earlier this month the kingdom’s central bank gave BitOasis Bahrain, a regional crypto trading platform, a so-called Category 2 crypto-asset services licence. The regulatory approval means that the broker-dealer […]

A money exchange centre in Cairo. The World Bank funding is intended to support private sector growth in Egypt

World Bank’s $700m push for Egypt’s private sector

The World Bank will provide $700 million in funding to Egypt to address short-term economic challenges. The development policy financing (DPF) will aid in supporting the Egyptian government’s focus towards more private sector participation. The financing will further advance structural reforms to level the playing field to support private sector growth, build macroeconomic and fiscal […]

Mubadala injects $250m to revive Turkey’s Getir

Abu Dhabi’s Mubadala Investment Company will invest $250 million in Turkish grocery delivery startup Getir as part of a restructuring programme that will split it into two standalone units. The first standalone business will focus on domestic online groceries and food delivery services, with Mubadala, an existing shareholder, holding the management and majority stake, Reuters […]