The European Bank for Reconstruction and Development (EBRD) plans to invest $6 billion over the next five years in projects under Türkiye’s Renewable Energy Acceleration and Clean Transition Platform (REACT), the bank has announced.
The platform was launched at a dedicated event during the COP31 UN climate conference in Antalya, with the EBRD joining as an initial signatory after helping shape the initiative alongside Türkiye’s Energy and Natural Resources Ministry.
REACT aims to mobilise $300 billion by 2040 across renewable generation, grid infrastructure, energy storage, flexibility solutions, manufacturing and electrification, in line with COP31’s 35-by-35 Global Electrification Pledge.
The initiative will support Türkiye’s ambition to reach 175 gigawatts of installed solar and wind capacity by 2040.
It brings together public institutions, development partners, financial institutions, investors and the private sector to coordinate implementation and financing.
EBRD President Odile Renaud-Basso said the bank would draw on its experience in Türkiye’s energy sector to support the transition through investment and expertise.
“Türkiye has set ambitious targets for its energy transition,” she said.
She welcomed the country’s determination to turn those ambitions into investment and action, highlighting cooperation with Turkish partners and the bank’s experience with Türkiye’s Industrial Decarbonization Investment Platform.
Other supporters include the European Union, World Bank, International Finance Corporation, Glasgow Financial Alliance for Net Zero, Climate Investment Funds, Germany’s KfW development bank and the UN Industrial Development Organisation.
The EBRD is among Türkiye’s largest institutional investors, having invested more than $28.8 billion in the country, predominantly in the private sector.
