• EBRD joins the Türkiye Renewable Energy Acceleration and Clean Transition Platform
• Platform aims to mobilise US$ 300 billion for Türkiye’s energy transition by 2040
• EBRD to invest US$ 6 billion over the next 5 years in REACT projects

The European Bank for Reconstruction and Development (EBRD) has joined the Türkiye Renewable Energy Acceleration and Clean Transition Platform (REACT), which was launched at a dedicated event during COP31, with plans to invest US$ 6 billion just over the next 5 years in REACT projects.

The Bank played an active role in shaping the platform, working closely with the Ministry of Energy and Natural Resources to support its establishment.

The platform is also supported by the European Union, the World Bank and the International Finance Corporation as well as the Glasgow Financial Alliance for Net Zero (GFANZ), the International Bank for Reconstruction and Development (IBRD), the Climate Investment Funds (CIF), Kreditanstalt für Wiederaufbau (KfW), the Powering Past Coal Alliance (PPCA), the Royal Danish Embassy, and the United Nations Industrial Development Organization (UNIDO).

The platform aims to facilitate the mobilisation of US$ S300 billion in investment across the renewable energy value chain by 2040, including generation, grid infrastructure, energy storage, flexibility solutions, manufacturing and electrification in line with the COP31 35-by-35 Global Electrification Pledge.

Odile Renaud-Basso, EBRD President, said: “The EBRD has a substantial footprint in Türkiye’s energy sector, and we stand ready to build on this experience by mobilising investment and deploying our expertise to support the country’s energy transition. Türkiye has set ambitious targets for its energy transition, and we welcome the determination it is showing to translate this ambition into investment and action.

“We are proud to build on our close collaboration with our Turkish partners to establish this platform by becoming one of its initial signatories. Drawing on our experience and commitment to Türkiye’s TIDIP, we will continue to support the country’s path towards a more resilient and competitive economy, underpinned by secure, affordable and sustainable energy.”

REACT is designed as a coordination and investment-mobilisation framework, bringing together public institutions, development partners, financial institutions, investors, private sector and other stakeholders around a shared implementation agenda.

Ahead of COP31, Türkiye announced an even more ambitious targets for its energy vision, aiming to reach 175 GW of installed solar and wind capacity by 2040. Achieving this ambition will require coordinated action across renewable generation, grids, storage, policy reform, project development, financing and domestic supply chains.

The platform will support the system-wide transformation of Türkiye’s energy sector by accelerating renewable energy deployment, enabling integration at scale, advancing electrification and mobilising finance for priority investments.

The EBRD is one of Türkiye’s largest institutional investors, having invested more than €26 billion in the country, largely in the private sector.