ANTALYA, Türkiye, 11th November, 2026 (WAM) -- Türkiye plans to invest approximately $300 billion in its energy transition by 2040, with electrification and energy efficiency expected to generate $240 billion in cumulative savings, Energy and Natural Resources Minister Alparslan Bayraktar said Tuesday at COP31.
“We estimate that approximately $300 billion will be needed for this transition by 2040,” Bayraktar said during a panel titled "Architecting Energy Transitions in a Shifting Global Landscape" at the COP31 climate conference in Antalya.
He said achieving Türkiye's energy goals would require substantial investment, strong partnerships, innovative technologies and a predictable investment environment to mobilize the necessary capital.
“Implementation is the key to success,” he added as quoted by Anadolu Agenc. “We have set targets, we have given words, but it is now the time to implement those.”
Bayraktar said Türkiye was determined to contribute to regional and global energy security while strengthening its domestic energy infrastructure.
He said Türkiye aims to increase its total installed power capacity from 128 gigawatts to 281 gigawatts by 2040, with wind and solar accounting for 175 gigawatts.
He noted that Türkiye's National Energy Efficiency Action Plan aims to mobilize $20.2 billion between 2024 and 2030.
"Together with electrification, efficiency will deliver 240 billion dollars in cumulative savings to us by 2040," he said.