Minister of Energy and Natural Resources Bayraktar in London

Minister Bayraktar attended the COP31-IEA High-Level Energy Transformation Dialogue meeting organized within the scope of London Climate Action Week. The meeting, which was attended by COP31 President and Minister of Environment, Urbanization and Climate Change Murat Kurum as well as ministers from different countries, was moderated by the International Energy Agency President Fatih Birol.

Energy Security

Minister Bayraktar made a speech here. Pointing out that recent years have been the scene of successive crises such as the Covid-19 pandemic, disruptions in the supply chain, trade wars, natural disasters, the war in Ukraine and Iran, and the biggest supply shock witnessed in the oil and natural gas markets, Minister Bayraktar said, "These regional conflicts are never limited to just a single geography. The results are felt throughout the global economy. The energy sector is one of the most fragile sectors in this respect. For this reason, energy security has once again become the center of the discussions." said.

Electricity Age

Emphasizing that the 'electricity age' was entered with the sudden increase in consumption, Minister Bayraktar said that global energy demand grew by 1.3 percent last year, and electricity demand increased more than twice this rate. Minister Bayraktar said, "This huge increase is triggered by electric vehicles, data centers, increasing cooling demand and the rapid electrification of our modern economies."

We See Transformation As An Opportunity

Minister Bayraktar said, “There is a need for a new market design that is more compatible, more resistant and more inclusive with today's harsh realities, where energy security and climate action must move hand in hand. We see this transformation as an opportunity. Based on this, we have set a clear vision for the year 2035. Just two weeks ago, we announced an important turning point under the umbrella of the COP31 Presidency; We announced the goal of increase the share of electricity in global final energy consumption to 35 percent by 2035. This ambitious goal reflects a simple truth. The energy system of the future will be more and more electricity-oriented, digitalized and decentralized," he said.

30 Billion Dollar Investment

Pointing out that renewable sources constitute almost two-thirds of Türkiye's established power today, Minister Bayraktar said, "We have a plan to triple our renewable energy capacity by 2035. To support this massive increase in renewable energy, we are also modernizing our national electricity grid through a 40 GW HVDC (High Voltage Direct Current) transmission corridor that will need an investment of approximately $30 billion and will break ground. These new conditions require a much higher rate of investment in flexibility and resistance with smarter grids, more digitalized systems, larger storage capacity, stronger transmission and distribution networks.”

A Regional Production Center

Stating that this new architecture, which is based on the new realities of the world, forces them to take into account the entire value chain, Minister Bayraktar said, "For this reason, we position ourselves as a regional production center for clean energy technologies, including solar panels, wind turbine components, advanced batteries and smart electrical equipment."

Critical Minerals

Stating that these technologies cannot be mentioned without mentioning critical minerals, Minister Bayraktar said, “It is essential to ensure access to these minerals, but it is not enough to have resources alone; you also need to have the necessary processing and refining capacity. Türkiye can also play a critical role in this regard. To overcome this challenge, we actively cooperate with technology-oriented countries and leading companies.” said.

Türkiye is Ready to Cooperate

Emphasizing that the most reliable and cleanest energy is 'non-consumed energy', Minister Bayraktar said, “We plan to mobilize an investment of 20 billion dollars for energy efficiency by 2030. As we move towards COP31 in Antalya, our message is clear: Energy transformation and energy security should progress together. A resilient future is based on cleaner, more diverse, highly interconnected and secure energy systems. Türkiye is ready to lead, cooperate and invest in our common future," he said.