The Importance of Supply Security in Energy Transition
In recent years, geopolitical tensions in the energy sector are reshaping Turkey’s energy policies. Ozan Uyar, General Manager of TSKB, states that supply security has now become a priority issue in this context. Uncertainties around the Strait of Hormuz are among the factors affecting energy prices and offer new opportunities for Turkey. Uyar emphasizes that this situation could allow Turkey to achieve a stronger position in the European market.
Uyar points out that feasibility in energy investments is not as prominent as it once was and that investors are now making decisions considering supply security. He mentions that Turkey has the opportunity to fill gaps in the European market due to supply issues in the Far East. In this context, he highlights the importance of working on various scenarios in energy management.
Especially alongside uncertainties in the energy sector, Turkey’s energy transition process could create new opportunities for investors. Therefore, focusing on supply security by all stakeholders in the energy sector will enhance future success.
Developments in Renewable Energy Investments
Ozan Uyar draws attention to the continued increase in renewable energy investments worldwide. Particularly in the USA, the growth of investments in renewable energy indicates that developments in this area are ongoing. Uyar notes that China is also increasing its leadership in renewable energy investments, altering global energy balances.
Uyar states that approximately $3 trillion is invested in energy annually, with a significant portion directed towards renewable energy projects, emphasizing that this trend is supported by climate policies and declining costs. He mentions that solar energy and storage solutions offer attractive alternatives for investors.
The decrease in costs for storage investments is increasing interest in this area, while the lack of clarity in revenue streams complicates the decision-making processes for investors. Uyar expresses that TSKB supports projects in this area and that more investments will be made in the future.
COP31 and Turkey’s International Role
TSKB views COP31 not just as a climate summit but as an important opportunity for Turkey’s visibility in the international arena. Uyar states that they will take an active role in this summit and that collaborations with development finance institutions are significant in this process.
Uyar emphasizes that green transformation has become inevitable for large companies and notes that SMEs play a critical role in this transformation. He states that public incentives and regulations could accelerate the transformation process.
Turkey’s goals and financing needs in the energy sector are growing. Uyar mentions that renewable energy capacity needs to be significantly increased by 2035 and that an annual investment requirement of $10 billion is necessary for this. TSKB emphasizes that the Turkish banking sector has sufficient capacity for this transformation.
