At COP31 in Antalya, Energy and Natural Resources Minister Alparslan Bayraktar put Türkiye’s energy transition investment need at about $300 billion through 2040, as the country plans to more than double installed power capacity.
The National Energy Plan 2040 targets 281 gigawatts of installed power capacity, up from about 128 gigawatts. Wind and solar would account for 175 gigawatts of the planned total. The ministry aims to raise renewables’ share of installed capacity from 63% to 77%.
Bayraktar said raising the investment would require technology partnerships and dependable conditions for investors. He projected $240 billion in cumulative savings by 2040 from electrification and energy efficiency.
The $300 billion transition estimate is distinct from the ministry’s broader $500 billion energy investment outline, which calls for public and private investment through 2040.
The plan also targets 140 gigawatt-hours of battery storage and 15 gigawatts of cross-border electricity connection capacity. Bayraktar said storage and stronger connections are needed to accommodate more renewable power.
The ministry’s earlier outline gave no date for a coal phaseout. At COP31, Bayraktar identified carrying out the energy targets as the next task.
