EBRD pledges $6 bln for Turkey's clean energy transition over five years

The European Bank for Reconstruction and Development (EBRD) plans to commit $6 billion over the next five years to renewable energy and clean transition projects in Turkey, the lender announced during the COP31 climate summit.

The bank joined Turkey’s Renewable Energy Accelerated Transition (REACT) platform, an initiative aiming to mobilize $300 billion by 2040 to overhaul the energy sector and expand combined solar and wind capacity to 175 GW. Investments will target solar and wind generation, grid modernization, energy storage systems, equipment manufacturing, and electrification.

Developed alongside Turkey’s Ministry of Energy and Natural Resources, the platform is backed by the European Union, the World Bank, the IFC, and Germany’s KfW. To date, the EBRD has invested more than 26 billion euros in the Turkish economy, primarily in the private sector.