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Turkey Attracts 28 Billion Dollars in Renewable Energy Investment

According to the International Finance Corporation (IFC), an affiliate of the International Bank, Turkey will be able to ..

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2016-11-23 Last update 2020-02-12

Turkey Attracts 28 Billion Dollars in Renewable Energy Investment

According to the International Finance Corporation (IFC), an affiliate of the International Bank, Turkey will be able to attract 28 billion dollars in renewable energy investment by 2020.

The International Finance Corporation (IFC) was founded in 1956. It is the largest global development institution focused on the private sector in all the countries of the world.

According to the data gathered by a correspondent at Anatolia Agency for the international and Turkish news, Turkey, which is classified within the energy importing states, aims to increase the electricity production depending on the renewable energy sources; the thing that makes investors interested in investment in Turkey.

The International Finance Corporation (IFC) added that gross domestic product (GDP) in Turkey exceeded its counterpart in many countries of the Group of Twenty (g20), despite the political events Turkey witnessed recently; and that was what made investors continue interesting in Turkey.

According to the data, Turkey will attract in the clean energy sector of 27.7 billion dollars in renewable energy investments by 2020.

These investments will distribute as follows: 16.4 billion dollars in the field of wind energy, 7.4 billion dollars in the field of solar energy, 3.4 billion dollars in the field of geothermal energy, and 560 million dollars in the field of hydroelectric energy.

Between January and September 2016, Turkey bought about 3 billion and 244 million and 448 thousand kilowatts of electricity from Greece, Bulgaria, and Azerbaijan, with a decline of 30% from the corresponding period in 2015.

According to a Turkish official census, the cost of the electricity Turkey bought this year is 155 million and 81 thousand dollars.

The International Finance Corporation (IFC) noted that Turkey is about to invest 47 billion dollars in infrastructure for the transport sector, the environment-friendly projects investment, in addition to waste recycling.

In parallel with the industrial and urban transformation Turkey witnessed, 18.6 billion dollars will be spent to create green buildings (applying environmentally friendly technology), in addition to the eco-friendly investment for transport, which is one of the sectors growing so fast in Turkey.

In this context, according to a report of the International Finance Corporation (IFC), at least 24 billion dollars will be invested by 2020 in order to reduce the carbon emissions in the transport sector.

The report stressed on the importance of implementing the eco-friendly projects in the field of transport to create a more sustainable environment and on the importance of expanding the work of the electrical transportations and accomplish transport projects and high-speed electrical railway.

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