The European Bank for Reconstruction and Development (EBRD) has announced plans to invest $6bn in projects under the Türkiye Renewable Energy Acceleration and Clean Transition (REACT) platform over the next five years.
The announcement was made as the EBRD became one of the initial signatories to the REACT platform during an event held at COP31 in Antalya.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
REACT, recently established with the involvement of Türkiye’s Ministry of Energy and Natural Resources, brings together a range of international stakeholders.
Alongside the EBRD, the platform receives support from organisations including the World Bank, the European Union, and the International Finance Corporation.
The International Bank for Reconstruction and Development (IBRD), the Glasgow Financial Alliance for Net Zero (GFANZ), and the Climate Investment Funds (CIF) are also supporting partners.
Additional backers include Kreditanstalt für Wiederaufbau (KfW), the Royal Danish Embassy, the Powering Past Coal Alliance (PPCA), and the United Nations Industrial Development Organization (UNIDO).
The REACT initiative aims to mobilise up to $300bn in investment across Türkiye’s renewable energy value chain by 2040.
Target areas cover renewable power generation, grid improvements, energy storage, manufacturing, electrification, and flexibility solutions, aligning with the COP31 35-by-35 Global Electrification Pledge.
EBRD president Odile Renaud-Basso 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.
“We are proud to build on our close collaboration with our Turkish partners to establish this platform by becoming one of its initial signatories.”
The REACT platform is set up as a coordination and investment mobilisation initiative, involving public and private sector partners, financial institutions, and investors to advance Türkiye’s energy transition goals.
Ahead of COP31, Türkiye outlined new energy targets, seeking to reach 175GW of installed solar and wind capacity by 2040.
According to the platform, achieving these ambitions will require broad, coordinated measures across policy reform, infrastructure upgrades, financing, and supply chain development.
The EBRD has invested more than €26bn ($28bn) in Türkiye to date, mainly in the private sector, positioning it among the country’s largest institutional investors.
Recently, a coalition of countries at the COP31 United Nations climate summit, agreed on a voluntary target for electricity to account for 35% of global energy use by 2035.
