Turkey will invest $10.9 billion in line with the country’s National Energy Efficiency Action Plan by 2023, Fatih Donmez, Turkey’s energy and natural resources minister announced on Thursday.
Dönmez stated that approximately 1 million tons of equivalent petroleum (TEP) energy was saved with an investment of 1.2 billion dollars in all sectors in 2017 and 2018 with the implementation of the plan. “By 2023, we will provide a reduction of approximately 14 percent in primary energy consumption and a reduction of 66 million tonnes of carbon dioxide in greenhouse gas emissions,” he said. To this end, the first phase of an energy efficiency project to transform public buildings into energy efficient ones will start in collaboration with the World Bank and the Ministry of Environment and Urbanization with a budget of $200 million.”
The Energy Efficiency Plan also involves the use of more domestic resources to cover Turkey’s burgeoning energy demand, which he said was as a result of a expanding economy that has grown by 5% over the past 16 years.
Dönmez stating that huge budget investments launched in order to achieve the import inputs of Turkey in the last 2 years and enable the self sufficency said, ” As a result of the National Energy and Mining Policy studies, as of the end of last year, we achieved a 50 percent band in electricity production from domestic sources. In the first quarter of this year, this figure reached 60 percent.”
Emphasizing that energy efficency is the cleanest and the most local source, Dönmez said using energy sources efficiently is very important and continued ” The energy density of our country, ie the amount of energy consumed for a unit of gross national product, is 0.12. In OECD countries, this figure is 0.11In the European Union this figure is 0.09. Are we rich enough to waste our resources?” he asked.
Conexio energy is a consulting firm experienced in renewable energy sector in Turkey which can answer your questions about the Turkish energy market and expand your business and investments.