Turkey to invest $10B in energy efficiency in 10 years

By Gokhan Ergocun

ISTANBUL (AA) - Turkey's public and private sectors will jointly invest $10 billion in energy efficiency area in the next 10 years, Turkish energy and natural resources minister said.

The energy efficiency is a high-yield sector, the $10 billion investments will generate $30 billion savings until 2033, Fatih Donmez stressed during the 10th Istanbul Finance Summit (IFS'19) that began on Wednesday.

"Energy efficiency investments totaled $837 million in 2017 and $518 million in 2018," Donmez said.

He also noted that Turkey saw renewable energy investments of around $16 billion in the last five years.

"In the last five years, $4.8 billion investment was made in solar power, $4.3 billion in wind farms, $6 billion in hydroelectric plants, $1 billion in geothermal and $430 million in biomass," the minister highlighted.

The energy sector has changed significantly in the last 20 years, the public dominance in the sector gave its place to the private sector, Donmez reminded.

Turkey made efforts for digital transformation in fields of energy substructure, mining technologies, nuclear energy and hydrocarbon technologies, he stressed.

"We target to make Turkey a serious brand in this area," the minister underlined.

Recently, there are several foreign-based financing models, especially from Europe and Far East Asia, such as regional development programs, investment banks, agencies and grants, for funding the energy sector, he said.

"Turkey attracts these funds with its strong economy and political stability," Donmez added.

He underlined that every economy may face difficult periods, the important thing is how quickly the country gets rid of these shocks.

"In recent years, Turkey's economy has passed a serious test of endurance and I am sure that the coming period will show more positive developments," Donmez added.

The two-day IFS'19 is being held under the theme of Financial Metamorphosis and Back to the Future on Oct. 9-10 in Swissotel the Bosphorus in Istanbul's Besiktas district.

Within the scope of the event, several officials, economists, businesspeople, bankers and academics will give speeches in 19 sessions on several issues ranging from financial technologies, electronic trade to defense industries.

Last year, the summit hosted nearly 800 participants and 41 speakers from 23 countries.