Turkey offers investment incentives for energy efficiency

ANKARA - Anadolu Agency

Turkey only meets 27 percent of its energy needs by its own resources, including both coal and renewable energy. AA Photo

A new notification introducing government incentives for investments in energy efficiency has been published in Turkey’s Official Gazette, legalizing the initiative.

The communiqué from the Economy Ministry allows modifications for the implementation of government-supported incentives on energy efficiency investments to take effect.

Accordingly, rules for calculating energy efficiency percentages, which will be applied during the evaluation process, were determined.

Energy efficiency percentages will be calculated according to how many types of products are manufactured by a company.

Qualified investors will apply to the Energy and Natural Resources Ministry with the machine and equipment list necessary for investment, after committing to the projected energy efficiency levels.

Currently, Turkey generates 46 percent of its electricity from natural gas, meeting an energy bill of up to $60 billion a year. Turkey only meets 27 percent of its energy needs by its own resources, including both coal and renewable energy. The country aims to meet 30 percent of its needs from renewable sources alone by 2023.