Turkey energy plan seeks $500 billion as it hosts COP31

As of 10:12 p.m. ET, Monday, Nov. 9, 2026

Turkey plans to spend about $500 billion by 2040 to electrify its economy, expand renewable and nuclear power and cut its reliance on imported energy, Energy and Natural Resources Minister Alparslan Bayraktar said as he unveiled the country's "National Energy 2040" plan, according to the ministry.

The plan comes as Turkey hosts COP31, the United Nations climate conference, in Antalya. The summit runs from Monday, Nov. 9, through Nov. 20, according to the U.N.

The targets

Bayraktar launched the plan at the Presidency's Dolmabahçe Working Office in Istanbul, the ministry said in a Nov. 5 release, and briefed reporters on it on Friday, Nov. 6, AFP reported. "Our goal in 2040, in the Century of Türkiye, is to make Türkiye independent in energy," he said, according to the ministry's release.

Under the plan, Bayraktar said, electricity would supply 36% of Turkey's energy use by 2040. AFP reported that the figure is about 22% today. Installed power capacity would rise from 123,000 megawatts in 2025 to 281,000 megawatts, and renewables' share of that capacity would grow from 63% to 77%, at an investment cost of about $190 billion, he said.

Bayraktar said the plan targets a 40% cut in emissions and 92% domestic energy production. He said Turkey aims to reach 10,000 megawatts of nuclear capacity by 2040, adding at least 5,000 megawatts of small modular reactors to the 4,800-megawatt Akkuyu plant, so that nuclear would supply 11% of the country's electricity.

The ministry said Bayraktar also wants domestic and overseas production to cover all of Turkey's oil demand, which he projected would fall from 993,000 barrels a day to 718,000 as more people switch to electric vehicles, and all of its natural gas demand. He put the plan's direct employment impact at about 108,000 people, the ministry said.

Paying for it

The $500 billion would come from the public and private sectors, the ministry said. Bayraktar told reporters that $210 billion would come from five state-owned companies and the rest through foreign investment, AFP reported. "If the world is serious about carbon neutrality ... to fight climate change and global warming, we need to find the money," he said, according to AFP.

Coal stays for now

The plan sets no timeline for phasing out coal. Asked about one, Bayraktar said Turkey needs coal "for security of supply" and that it employs at least 30,000 to 40,000 people, AFP reported. He said nuclear power is "the key area for us to replace coal" and promised to outline plans for "a just transition on the coal side" at COP31.

Coal accounts for about a third of Turkey's electricity, making it Europe's leading generator of coal-fired power, AFP reported, citing the energy think tank Ember. Turkey has a target of net-zero emissions by 2053.