Low-carbon economy

Around $10 billion has been invested in solar power over the past year triggered by a new regulation, Mustafa Yılmaz, head of the Energy Market Regulatory Authority (EPDK) has said.

Helleniq Renewables has succeeded in obtaining investment subsidies for three energy storage facilities in its Thessaloniki facilities, with a total power of 100 MW.

The facilities will be connected to the national power grid and their operation licenses are for 25 years.

Investment in the three facilities will be subsidized to the tune of €200,000 per MW.

The Energy Ministry has announced that it selected four regions as potential sites for offshore wind power Renewable Energy Resource Area (YEKA).

Those sites include the locations in the Bandırma, Bozcaada, Gelibolu and Karabiga regions.

The European Union's major trading partners, including Türkiye, will be impacted by the bloc's carbon tax, experts have said.

The competition will intensify for the nations which are slow in preparations to comply with the carbon tax regulations, such as Türkiye, China, India, the U.S., the U.K. and Canada, they warned.

Turkish companies are increasingly entering foreign markets for renewable energy investments, an expert has said.

The government has approved an updated national energy end climate plan which brings more ambitious goals in key segments such as emission growth and the pace of transition towards renewables.

Henkel's Adhesive Technologies plant in İstanbul's Tuzla district, has achieved carbon neutrality, marking a significant milestone in the company's ambitions to become climate positive across its global operations by 2030.

Some $450 million in financing will be provided to small and medium-sized enterprises (SMEs) and industrial firms under the Türkiye Green Industry Project, Industry and Technology Minister Fatih Kacır has said.

Motor Oil on Friday announced the acquisition of 75% of Unagi AE, which operates in the photovoltaic sector.

In particular, Unagi owns a 51% share in a portfolio of photovoltaic projects at various stages with a total nominal capacity of 1.9 gigawatts in Greece and the transaction was made through the subsidiary Motor Oil Renewable Energy (MORE).

Investment in solar power is expected to overtake oil for the first time this year as clean energy spending outpaces that for fossil fuels, the International Energy Agency (IEA) said in a report yesterday. 

While that is a welcome development, warned the IEA that investment in fossil fuels is rising when it should be falling fast to achieve net zero emissions by 2050.