January 12 (Renewables Now) - The government of Turkey intends to spend USD 11 billion (EUR 9.1bn) on energy efficiency and renewables by 2023 under a plan that would be backed by the European Bank for Reconstruction and Development (EBRD).
The goal of the National Energy Efficiency Action Plan will be to lower Turkey’s primary energy consumption by 14% by 2023. Domestic resources are able to meet roughly 26% total energy demand in the country and it is heavility dependent on oil and gas imports, the bank said.
“The plan, developed with assistance from the EBRD, 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,” said Arvid Tuerkner, EBRD’s managing director for Turkey, adding that the financial institution “stands ready to support this crucial effort.”
The programme will include a range of measures among which the promotion of renewables, district heating and combined heat and power (CHP) generation across industries, the EBRD said on Thursday. A national energy efficiency financing mechanism and a regulatory framework for creating a heating and cooling market in the country is also envisaged.
To date, the EBRD has invested EUR 10 billion (USD 12.1bn) in projects in Turkey, with green energy schemes accounting for 50% of its portfolio in the country, the bank calculates.
Turkey aims to lift the share of renewables in its total installed power capacity to 30% by 2030 and meet 10% of its transport sector power demand with renewable energy sources. To support the goal, it plans to install 34 GW of hydropower, 20 GW wind, 5 GW solar, 1.5 GW geothermal power and 1 GW biomass.
(USD 1.0 = EUR 0.829)