Fatih Birol, executive director of the International Energy Agency (IEA), on Monday lauded Türkiye’s progress and potential in renewables, describing the country as one of the global pioneers in the clean energy sector.

“Türkiye is among the world’s foremost nations in renewable energy, yet its vast potential in wind, solar and geothermal remains largely untapped,” Birol told Anadolu Agency (AA) in an interview.

Birol’s remarks came on the sidelines of the United Nations Climate Change Conference in Azerbaijan – COP29 – where talks on getting money to curb and adapt to climate change entered their second week on Monday.

Pressure is mounting on climate and environment ministers from around the world to work through disagreements and hammer out a deal after slow progress last week.

Birol highlighted Türkiye’s achievements in wind, solar and geothermal energy, emphasizing that unlocking the untapped potential will require significant focus and investment in the coming years.

“I hope that in the years ahead, we will make the best use of our potential and take significant steps toward not only expanding renewable energy capacity but also manufacturing turbines and solar panels domestically in Türkiye,” he noted.

Türkiye currently ranks fifth in Europe and 11th globally in renewable energy capacity.

The renewable energy ambitions align with Türkiye’s commitment to achieving net zero emissions by 2053, a target announced by President Recep Tayyip Erdoğan in September 2021, following Ankara’s accession to the Paris Agreement.

At COP29, Murat Kurum, Türkiye’s minister of Environment, Urbanization and Climate Change, unveiled the country’s long-term road map to meet this goal. Key objectives include increasing renewable energy’s share in primary energy to 50% and nuclear energy’s share to 30% by 2053.

Energy and Natural Resources Minister Alparslan Bayraktar also outlined the core of Türkiye’s energy strategy, emphasizing renewable energy, energy efficiency and nuclear power.

Announcing Türkiye’s road map in the field of renewable energy last month, Bayraktar said Türkiye will need $108 billion of public and private investment as it aims to quadruple its wind and solar energy power capacity to 120,000 megawatts (MW) by 2035.

Out of the total investments necessary to boost capacity, some $28 billion will be allocated to improve the transmission infrastructure, build transformers and install high-voltage transmission grids across the country.

Although Türkiye’s wind and solar energy capacity has grown sharply in recent years, a lengthy permission process and lack of financing have been the key issues of concern for energy sector investors.

Bayraktar said his ministry is working on changes to current regulations for renewable energy investments and to encourage the private sector to participate more.

Türkiye, which has modest oil and natural gas resources, has been incentivizing private sector investments in renewable power plants since 2005 to reduce its high import bill and insulate itself from geopolitical risks.

Solar, wind, geothermal and biomass power plants that started operation after 2005 reached approximately 30,000 MW installed capacity, or 17.7% of total national installed capacity in the past 18 years, according to data.

While Türkiye’s electricity consumption has tripled in 20 years, it is expected to increase even faster in the coming years due to the long-term energy transformation, which involves replacing fossil fuel energy with electricity.