(MENAFN- Trend News Agency ) Baku, Azerbaijan, Jan.12
By Nigar Guliyeva – Trend:
The European Bank for Reconstruction and Development (EBRD) has hailed Turkey's National Energy Efficiency Action Plan which sets the country on course to implement a reduction of 14 per cent of primary energy consumption by 2023.
The Turkish government has committed to invest almost $ 11 billion in energy efficiency measures set out by the plan.
This is a major step towards making a rapidly expanding economy also much more energy efficient,' said EBRD Managing Director for Turkey, Arvid Tuerkner.
"The plan builds on the realisation that a sustainable, efficient and prudent generation and consumption of energy is crucial for both economic growth and a sound environment. The action plan addresses the need to balance both aspects with detailed measures and where possible and feasible the EBRD stands ready to support this crucial effort," he added.
The National Energy Efficiency Action Plan (NEEAP) will help tackle the challenge. Developed with the help of the EBRD and funded by the European Union, the NEEAP closely follows and mirrors the activities and policies of the European Union in the area of energy and energy efficiency.
Turkey is also investing heavily in developing its potential in renewable sources of energy such as wind, solar, hydro and geothermal energy generation. The country is seeking to develop 30 percent of its total installed capacity from renewable sources by 2023. The objective is to add 34 GW of hydropower, 20 GW of wind energy, 5 GW of solar energy, 1.5 GW of geothermal and 1 GW of biomass. Turkey also aims to have 10 per cent of its transport sector needs met by renewable energy.
The EBRD has been supporting this foray into green energy as an investor as well as through its work with the government. The Bank also assisted the development of the National Renewable Energy Action Plan (NREAP), which was financed by the government of Spain.
The EBRD's investment in green energy in Turkey includes large scale stand-alone projects. The Bank also finances mid-sized and small-scale renewable energy generation in the private sector through dedicated credit lines to Turkish banks, MidSEFF (Turkey Mid-size Sustainable Energy Financing Facility) and TurSEFF (Turkey Sustainable Energy Financing Facility), respectively. To date, the Bank's financing under these three frameworks in the amount of €1.8 billion has reached over 1,000 companies and 1,500 households.
'Green' projects account for half of the Bank's portfolio in Turkey. To date, the Bank has invested €10 billion in various sectors of the country's economy, with almost all investments in the private sector.
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