Turkey is capable of generating renewable energy to support its economy, according to the International Energy Agency (IEA) head Faith Birol. Birol explained this in the Global Energy Outlook 2020 theme held through a webinar by the Turkish Independent Industrialists and Businessmen’s Association (MÜSIAD). Birol emphasized that the implementation of these energy technologies will make the utility affordable to the consumers while covering the country’s financial deficit. Birol retorted that energy efficiency would help industries achieve the legal recommendations stipulated to salvage the country from the emission problems.
Every industry’s desire to efficiently receive and utilize energy, as stated in the country’s energy plan. Birol emphasized that the plan will help Turkey to enjoy the advantages that come with renewable energy. Additionally, he articulated that the country can export renewable energy technology to Asian, African, and Caucasian countries. Birol explained that the country’s electricity needs would grow to require a sustainable energy system, which the renewable energy sector has proved can provide. He added that the other energy technologies they can venture include nuclear energy to supplement the likes of solar energy, wind power, and hydroelectric power. Turkey intends to look for suitable partners in the quest for nuclear energy and fulfill their economic obligations.
Nevertheless, Turkey’s discovery of natural gas in the Black Sea will help revolutionize the country’s energy industry. The discovery will help the country have a comparative advantage over its neighbors in energy production. Birol outrightly enumerated the challenges that the pandemic has deemed on the global energy industry. He added that the impacts would take time for the worldwide economy to recuperate, and the oil industry will eventually disappear with the lows.
Birol noted that the other sectors have been plummeting, with only the renewable energy sector growing from the pandemic and expanding continuously. Solar and wind energy will expand to meet the hole left by the conventional energy sources. MÜSIAD’s chief Abdurrahman Kaan explained that renewable energy shares have been growing continuously and will proceed throughout until the whole country adopts clean energy. This move will help Turkey to mark its niche in the global energy sector.
Since energy is one of the GDP significant contributors, the government hopes that implementing the new strategies can resolve the deficit. Kaan noted that they are looking for alternatives to cushion the energy projects before they collapse upon operations resumption. Turkey’s natural gas plants generate an average of $13 billion, which can help the country stimulate economic growth by investing in energy projects and maintaining its operations. Finally, the extraction of more natural gas at the Tuna-1 location will create employment opportunities for the citizens and help in the utilization of these resources to keep it at a natural advantage in the international market.