Turkish Energy Minister emphasizes significance of collaboration for renewable energy finance
Date
11/12/2024 8:29:30 AM
(MENAFN) Turkey must cooperate closely with global financial institutions to boost its renewable energy and energy suffieciency targets, stated Minister Alparslan Bayraktar, Turkish Energy and Natural Resources, speaking at a COP29 ministerial session on Tuesday.
Ankara’s goal is to decrease energy consumption by 16 percent by 2030, this would to a 100 million-ton reduction in emissions, stated Bayraktar in his speech at the ministerial session at COP29 in Baku, Azerbaijan’s capital.
Bayraktar further noted that 'We need to bring investment and finance for this area. And that's why I think we need to work closely with international financial institutions to have this project viable,'
Pointing out that Turkey has a 'significant demand growth and high import dependency,' Bayraktar stated that 'We have less than three decades to achieve carbon neutrality.'
To resolve these challenges, Turkey’s long-term energy strategy prioritizes five main aspects, he clarified.
These include, 'increasing our renewable energy capacity, enhancing energy efficiency across the economy, expanding nuclear power generation, using newly emerging technologies such as hydrogen, battery storage, CCUS (Carbon Capture, Utilization and Storage) and also investing in critical minerals and rare earth metals for our energy future.'
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