2 billion dollar resource from the World Bank

2 billion dollar resource from the World Bank

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The World Bank approved a $2 billion initiative to increase Turkey’s renewable energy capacity. According to the statement made by the institution, the World Bank Board of Executive Directors approved a pioneering $2 billion initiative to increase energy security through the expansion of renewable energy in emerging and developing economies in the Europe and Central Asia region. In this context, the 10-year Europe and Central Asia Renewable Energy Scaling (ECARES) program aims to add 15 gigawatts of renewable energy capacity and reduce 240 million metric tons of carbon emissions in the first phase.

The program is expected to mobilize $6 billion in private equity financing through leverage. The World Bank, which has committed to provide 35 billion dollars of financing to Turkey in 3 years, will provide 657 million dollars of financing for the Turkey Project on Accelerating Market Transformation for Distributed Energy, in support of Turkey’s goal of increasing its solar and wind energy capacity by 2035. Antonella Bassani, Vice President of the World Bank for Europe and Central Asia Region, whose views were included in the statement, said: “A new approach is needed to support European and Central Asian countries to increase their renewable energy capacities, which will contribute to energy security in the region. “As the World Bank, we are committed to helping countries develop the enabling framework and initial investments necessary to attract private capital to expand renewable energy.”

World Bank Turkey Country Director Humberto Lopez said, “Turkey has recently undertaken one of the most ambitious programs among emerging market economies regarding energy transition. The World Bank welcomes this determination to double renewable energy by 2035 and ensures energy security.” ” is pleased to accompany the country in its efforts to reduce energy costs for consumers and combat climate change,” he said. Turkey Accelerating Market Transformation for Distributed Energy Project will focus on expanding the solar energy market for end users to increase renewable energy and will support the pilot implementation of distributed battery electricity storage.

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