ISTANBUL, Nov. 5 (Xinhua) -- Türkiye rolled out its "National Energy 2040" vision on Thursday, seeking 500 billion U.S. dollars in public and private investments to achieve energy independence through a massive shift toward electrification and renewable energy.
Announced ahead of the COP31 climate summit, the roadmap highlights a projected need for 140 gigawatt-hours of energy storage, the expansion of high-voltage direct current transmission lines, and a national fleet of 20 million electric vehicles by 2040.
Türkiye also aims to reduce its daily crude oil demand to 718,000 barrels and meet its entire natural gas demand through domestic resources by 2040. Furthermore, nuclear energy is set to supply 11 percent of the country's electricity needs, backed by new small modular reactors.
Energy and Natural Resources Minister Alparslan Bayraktar said at the launch event in Istanbul that Türkiye aims to more than double its installed electricity capacity, from the current 123 gigawatts to 281 gigawatts, with renewable energy expected to account for 77 percent of the total capacity.
"Our primary goal is to make the country fully independent in energy by electrifying our economy and transforming our consumption habits," Bayraktar said, adding that the transition is expected to create 250,000 jobs.
Heavily dependent on energy imports, the country faces significant pressure on its current account deficit. To reduce this reliance, Ankara has recently accelerated investments in domestic renewables, offshore gas exploration, and its first nuclear power plant.
