Treasury and Finance Minister Mehmet Şimşek spoke at the Global Finance Summit held as part of the COP31 climate conference in Antalya, Türkiye, on Nov. 11, 2026. (AA Photo)
Türkiye will continue investing in renewable energy as it seeks to reduce its dependence on imported energy and limit macrofinancial risks, Treasury and Finance Minister Mehmet Şimşek said on Nov. 11.
Speaking at the Global Finance Summit held as part of the COP31 climate conference in Antalya, Şimşek said Türkiye aimed to increase its combined solar and wind power capacity to 175 gigawatts by 2040.
More than 70 percent of Türkiye’s primary energy resources are imported, with energy accounting for a large part of the country’s current account deficit, he said.
Türkiye spent approximately $600 billion on oil and natural gas imports over the past decade, an amount exceeding the country’s gross external debt, according to Şimşek.
“When we look at our energy system, it is clear that we need to increase our renewable energy capacity. This will also strengthen our economic resilience,” he said.
“We will therefore continue investing in renewable energy. The economic rationale for doing so is very clear.”
Şimşek said Türkiye was seeking to expand electrification while decarbonising its energy system.
“In this way, we are reducing our dependence on energy imports and our macrofinancial risks while investing in our resilience and competitiveness,” he said.
“This transition enables us to provide our industry with energy at more affordable and competitive prices. However, many more steps still need to be taken in the period ahead.”
“Türkiye’s fiscal position is quite strong,” Şimşek also said.
“Despite spending more than $100 billion on rebuilding infrastructure following the earthquakes, our budget deficit stands at around 3 percent of gross domestic product,” he added.
Public debt stands at approximately 22 percent of GDP, giving Türkiye considerable fiscal space, he said, adding that, however, public resources alone would not be sufficient to finance the country’s targets.
Şimşek said Türkiye needed the support of multilateral development institutions, including the World Bank, the European Bank for Reconstruction and Development and the International Finance Corporation.
“The aim is not only to obtain loans from these institutions, but also to mobilise private capital from different sources and reduce investment risks,” he said.
“Multilateral development banks can pave the way for private-sector investment by providing guarantees and assuming risks,” Şimşek added.
