What Other Nations Can Learn from Türkiye’s Projected $80 Billion Green Investment

Türkiye recently announced plans to invest $80 billion in renewable energy sources over the next decade. This monumental investment to transform its energy landscape will quadruple the country’s renewable energy capacity by 2035. It would also address the nation’s growing energy demands and position Türkiye as the potential leader in the global transition towards renewable energy. 

The idea is to increase the installed capacity of wind and solar energy to 120,000 MW from the current 30,000 MW, according to Energy Minister Alparslan Bayraktar. In the long term, they aim to enhance energy security, reduce foreign dependency, and achieve zero emissions by 2053.

But, if we go through Türkiye’s renewable energy capacity 2035 roadmap, it’s clear that other countries can benefit from this approach. Any nation that aspires to accelerate its transition to suitable energy systems can benefit from this approach. Read along to see how other nations can learn from Türkiye’s green investment strategy. 

Türkiye’s Renewable Energy Roadmap

First, let’s look at Türkiye’s renewable energy 2035 roadmap and why it is a bold green energy initiative. In a nutshell, this roadmap outlines Türkiye’s strategic vision for a sustainable energy future. From the off, the key components of this roadmap are: 

Capacity Expansion

Türkiye aims to increase its renewable energy sources to constitute approximately 64.7% of the total installed capacity by 2035 while focusing on solar, wind, and hydropower.

Infrastructure Development 

Around 28 billion of the investment is earmarked to enhance transmission infrastructure to support the anticipated growth in a renewable capacity. 

Regulatory Reforms 

Türkiye is focused on reducing the permitting process for renewable projects from four years to just two years. The aim is to accelerate the project implementation and attract private-sector participation.

So, these strategic initiatives are universal and can apply to any nation. It’s about integrating technological advancement with regulatory support by creating an environment conducive to rapid growth in renewable energy.

Key Lessons for The World 

Having gone through the roadmap, let’s dig out some lessons that other nations can learn from Türkiye’s approach to this transformative path. 

Public-Private Partnerships 

It’s clear from the initiative that the Turkish government is emphasizing collaboration between public entities and private investors. In fact, the success of this renewable energy initiative hinges on this effective collaboration between public and private sectors. This is where the government creates a supportive policy environment and provides incentives; then, this environment is complemented by the private sector’s investment and innovation. 

This partnership leverages the strengths of both sectors. You get an enhanced capacity to implement large-scale projects using public resources and private innovation. 

Long-Term Vision and Commitment 

Based on the Türkiye’s roadmap, every country needs a clear long-term vision backed by substantial financial commitments to succeed. For instance, we saw specific goals in this 2035 road map outline, such as increasing the installed capacity of wind and solar energy to 120,000 megawatts. 

Establishing ambitious yet achievable renewable energy development targets is a critical path to success. It is imperative to ensure that the vision is detailed enough to guide investment and ensure measurable and achievable progress. Also, a well-defined timeline and financial framework can inspire confidence among investors and stakeholders.

Streamlined Regulatory Framework 

Türkiye’s roadmap puts a spotlight one loophole in accelerating renewable energy projects. Governments must reduce bureaucratic hurdles. In the plan, they aims to shorten the permit timelines and streamline the regulations, which can expedite project delivery and boost investor confidence in the market. 

If a country has similar challenges, here is a simple solution. Put in place adequate policy frameworks that provide a clear vision and direction for developing the renewable energy sector. With this framework, few projects will experience barriers to entry, and the regulatory environment will be conducive to facilitating the growth of renewables. 

Investment In Infrastructure

A robust infrastructure can support increased renewable energy capacity. Türkiye has recognized this and allocated significant funds to upgrade its transition networks. We saw that the country has invested $28 billion in the infrastructure to create green energy corridors across the country, which can help manage the increased renewable energy capacity. If other nations learn from this and invest in infrastructure that can accommodate new technologies and capacities, the transition to renewable energy will be swift. 

Focusing on technological innovation 

Türkiye also prioritizes technological advancement in renewable energy to achieve more efficient systems and low costs. For instance, it has invested in upgrading and modernizing its electric grid, including the grid infrastructure and integration of smart grid technology. Once the infrastructure is upgraded, it becomes easy to integrate variable renewable energy sources like wind and solar. 

This could be a lesson for other nations to encourage research and development in clean energy. Imagine a country that has invested in technological innovation like grid modernization. For one, it won’t have to rely on fossil fuel imports and can reduce the carbon footprint. 

Community Engagement and Stakeholder Involvement

Lastly, as seen from the roadmap, engaging local communities and stakeholders in the decision-making process can enhance the acceptance and success of renewable projects. Türkiye has been consulting with various stakeholders and including diverse perspectives in the planning process. 

The country has also achieved a 75% localization level in solar power equipment and wind energy components. The lesson here is to localize energy production, which can stimulate local economies. This localization reduces dependency on imports. 

Conclusion 

Türkiye’s decision to invest $80 billion in renewable energy is a bold step towards a sustainable future. The initiative showcases a comprehensive strategy inter-threading capacity expansion, regulatory reform, and infrastructure development. Other nations can draw valuable lessons from Türkiye’s experience as they look to transition towards green energy solutions. For starters, world nations can adopt similar strategies or use them as a blueprint to design their individualized approaches to accelerate their journey toward sustainable energy independence and resilience.