Turkey to invest $10 billion in sustainable energy by 2050

By Azernews

By Vugar Khalilov

Turkey’s Tupras Company will invest $10 billion in sustainable energy by 2050, Yeni Shafak newspaper has reported.

Tupras’s General Manager Ibrahim Yelmenoglu said that the 350-million-dollar annual investment will be made under the Strategic Transformation Plan.

"We aim to invest approximately $5 billion until 2035 and $10 billion in total until 2050," Yelmenoglu stressed.

He underlined that as a first step, Tupras aims to reduce its emissions from production activities by 27 percent in 2030 compared to 2017, and by 35 percent in 2035 with ongoing investments.

 "We aim to continue our activities as carbon neutral by 2050," Yelmenoglu said, stressing that the company will focus on sustainable refining, biofuels, zero-carbon electricity and green hydrogen in the new period.

He stated that refining will also be the main locomotive of the energy transformation.

“We plan to spend approximately $2.3 billion in investment expenditures until 2035 for energy efficiency, modernization, decarbonization and value-added product production projects. Refining will account for 90 percent of our operating profit by 2030. We predict that it will account for 70 percent between 2030 and 2035,” Yelmenoglu emphasized.

He added that the company will invest its resources obtained from the refining to the new areas such as zero-carbon electricity and green hydrogen production, as well as will focus on reducing its carbon footprint.

Yelmenoglu noted that the company aims to become one of the leading companies in zero-carbon electricity production by reaching 1-gigawatt installed power in 2030 and 2.5 gigawatts in 2035.

As Turkey's largest industrial enterprise and the first producer in the refining sector, Tupras has invested approximately $7 billion since it joined Koc Holding in 2006.