Turkey is heading towards leadership in renewable energy

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The head of the International Energy Agency, Fatih Birol, expected that Turkey’s renewable energy capacity would grow by 64 percent in the next five years, making it one of the top ten countries in this field.

Birol referred to the annual report of the International Energy Agency, entitled “Renewable Energy 2022: Analysis and Forecasts for 2027”.

Birol explained that Turkey has already become the fourth largest renewable energy market in Europe and is preparing to become one of the top ten countries in the global market, noting that 75 percent of this growth comes from wind and solar energy.

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He pointed out that renewable energy in the world has grown rapidly in the past twenty years, and that this growth will reach an advanced stage in the next five years, especially with the impact of the energy crisis.

He stressed that security of supply and lower costs are among the main factors behind the growth of renewable energy, rather than concerns about climate change.

According to Birol, global renewable energy capacity will increase by 2,400 gigawatts in the next five years, and this growth is almost equal to that achieved in the past twenty years.

Regarding the reasons for this exceptional growth, Birol said that the first is that many countries consider renewable energy as an environmentally friendly energy source and an important option for supply security.

The second reason is due to the fact that the costs of renewable energy are much lower than the prices of fossil fuels. Therefore, renewable energy sources have become an economically important option and are achieving continuous growth.

With regard to financing renewable energy investments, Birol indicated that the indicators are also positive and that many governments support renewable energy in an unprecedented manner.

Birol stated that the four major economies, namely China, India, the United States and the European Union, financially support renewable energy investments and provide very favorable conditions for investors.

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And the head of the International Energy Agency confirms that “growth is advancing with giant steps.”

Birol rules out the effects of climate change on the giant growth in the sector and stresses that “the security of energy supplies and lower costs are the main factors behind the growth of renewable energy, not the current change in climate.”

Birol noted that Turkey has achieved significant growth in the field of renewable energy and that the sector will grow by 64 percent in Turkey over the next five years.

“75 percent of this growth in renewable energy comes from wind and solar energy,” he said.

According to the findings for Turkey in the International Energy Agency report, Turkey’s renewable energy capacity is expected to reach 90 gigawatts by 2027, an increase of 64 percent.

With this growth, Turkey is expected to advance to the tenth rank among the countries with the highest renewable energy capacity in the world by 2027, after China, the United States, India, Germany, Brazil, Spain, Japan, Australia and the United Kingdom.

Despite the continued investment in fossil fuels at a trillion dollars annually, Birol confirms that investments in clean energy have become the center of attention of investors in the field of energy.

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Birol explained that the value of annual investments in clean energy has reached $1.5 trillion, stressing that clean energy investments are still not sufficient to reach climate goals.

He touched on the importance of developing renewable energy in developing countries, saying, “China and India have made progress in this field, but the International Energy Agency is also intensifying efforts to increase interest in clean energy in African countries.”

Birol mentioned that one out of every two people in Africa does not have the means to use electricity, so the countries of the continent must benefit from solar energy more and more effectively by increasing investments in this sector.

According to the International Energy Agency’s 2022 report, global renewable energy capacity is expected to increase by 2,400 gigawatts to reach 5,650 gigawatts by 2027.

The projected growth in renewable energy in the next five years is equal to the growth achieved globally in the past twenty years.

It is estimated that 1,070 gigawatts of the expected increase of 2,400 gigawatts will be produced by China, 280 by the United States, 425 by European Union countries and 145 by India.

It is expected that 90 percent of the increase in the capacity of global electric energy produced in the next five years will come from renewable sources, and by 2025 renewable energy will overtake sources such as coal to become the largest source of electricity production.