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The European Bank for Reconstruction and Development (EBRD) plans to invest $6 billion in Türkiye’s renewable energy and clean energy transition projects over the next five years after joining a new platform launched at the COP31 climate summit in Antalya.
The bank became one of the founding signatories of the Renewable Energy Acceleration and Clean Energy Transition (REACT) platform, which was launched during a special event held as part of the U.N. climate conference.
The EBRD worked closely with Türkiye’s Energy and Natural Resources Ministry during the platform’s establishment and played an active role in shaping its framework, the bank said on Wednesday.
REACT aims to mobilize $300 billion in investment for Türkiye’s energy transition by 2040, covering the entire renewable energy value chain, from power generation and grid infrastructure to energy storage, flexibility solutions, manufacturing and electrification.
The initiative brings together public institutions, development partners, financial organizations, investors and private-sector companies around a shared implementation agenda.
Its broader goal is to support Türkiye’s ambition to reach 175 gigawatts of installed solar and wind power capacity by 2040, in line with COP31’s "35 by 35 Global Electrification Pledge."
Alongside the EBRD, the platform has received backing from the European Union, World Bank, International Finance Corp., Glasgow Financial Alliance for Net Zero, International Bank for Reconstruction and Development, Climate Investment Funds, Germany’s KfW Development Bank, the Powering Past Coal Alliance, the Royal Danish Embassy and the U.N. Industrial Development Organization.
EBRD President Odile Renaud-Basso welcomed Türkiye’s commitment to turning its energy transition targets into concrete investments and action.
"By mobilizing investment and deploying our expertise, we stand ready to support the country's energy transition. Türkiye has set ambitious targets in this area, and we welcome its determination to turn these targets into investment and action," she said.
Highlighting the bank’s close cooperation with Turkish partners, Renaud-Basso added that the EBRD would build on its experience and commitments under the Türkiye Industrial Decarbonization Investment Platform (TIDIP).
"We are proud to be one of the founding signatories of this platform. Building on our experience and commitments under the Türkiye Industrial Decarbonization Investment Platform (TIDIP), we will continue to support the country on its path toward a more resilient and competitive economy, powered by secure, affordable and sustainable energy," she noted.
The EBRD has invested more than €26 billion ($28.9 billion) in Türkiye to date, mostly in private-sector projects, including €14 billion allocated to green energy, accounting for more than half of its total investments in the country.
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