Business · Energy & Commodities · 10 hrs ago
Turkey estimates $300bn needed for energy transition by 2040
At a climate conference in Antalya, Turkey’s energy minister set out a $300bn transition plan for the country through 2040.
Alparslan Bayraktar said Turkey aims to shift more energy demand from oil and gas to electricity, while balancing climate goals, economic growth and energy security.
The plan targets 281 gigawatts of total power capacity by 2040, up from about 128 gigawatts now, including 175 gigawatts from wind and solar.
It also sets a goal of raising renewables to 77% of capacity and adding 10 gigawatts of nuclear power.
Bayraktar said batteries and cross-border electricity links would help manage renewable power and strengthen regional cooperation, but the two accounts give different battery storage targets: 40 and 140 gigawatt-hours.
He also said energy efficiency, alongside electrification, could save Turkey $240bn by 2040; the accounts differ on the investment and period covered by a separate efficiency plan.
Turkey now needs investment, technology and partnerships to carry out the plan, which the minister said would support energy security at home and abroad.
Turkey estimates that its energy transition will require about $300 billion in investment by 2040, Energy Minister Alparslan Bayraktar said.
He made the estimate at an International Energy Agency energy ministers’ meeting held alongside the COP31 climate conference in Antalya.
Turkey’s Milli Enerji 2040 plan aims to increase installed capacity from about 128 gigawatts to 281 gigawatts by 2040.
The plan sets a target of 175 gigawatts of solar and wind capacity and 10 gigawatts of nuclear capacity.
Bayraktar said the transition would require strong partnerships, innovative technologies and a predictable investment environment.
- Who
- Turkey, represented by Energy Minister Alparslan Bayraktar.
- What
- The country estimates it needs about $300 billion in investment for its energy transition by 2040.
- When
- By 2040; Bayraktar announced the estimate on November 10, 2026.
- Where
- At an IEA energy ministers’ meeting in Antalya, held alongside COP31.
- Why
- To support Turkey’s planned energy transition, including expanded electricity generation and infrastructure.
This story does not have two clearly opposing sides.
Bayraktar said Turkey had announced its Milli Enerji 2040 vision.
Bayraktar set out the investment estimate at an energy ministers’ meeting in Antalya during COP31.
- Estimated investment
- About $300 billion by 2040
- Installed capacity target
- 281 gigawatts, up from about 128 gigawatts
- Solar and wind target
- 175 gigawatts by 2040
- Nuclear capacity target
- 10 gigawatts
- Renewables share target
- 77% of total installed capacity by 2040, compared with 63% now
2 sources
What people are saying
We estimate that this transformation will require approximately $300 billion in investment by 2040.
The key to success is implementation.
We believe that the path forward for Turkey lies in electrification.