Dep. PM hails renewables boom in Turkey's new p/plants
-If carbon emissions do not fall, world could witness environmental disasters equivalent to effect of nuclear bomb: Deputy PM

Turkey has seen an enormous investment boom in renewable energy in which 90 percent of all power plants currently under construction are renewable, Deputy Prime Minister Mehmet Simsek said on Friday.

Speaking at the fifth Sustainable Finance Forum, Simsek urged for more focus on renewable energy to contain what he termed the "incredible amount of global carbon output."

"We need to develop standards for using environmentally-friendly products. There is a need for more finance in this area, and we need to apply taxes to control carbon emissions. At this point, public-private partnership is very critical," Simsek said.

Simsek asserted that investing in renewables is not only logical for social responsibility and environmental consciousness but also makes economic sense.

He said the effects of climate change are real, while further warning that if this is not contained, life will become difficult with the biggest effect on the economy.

The world consumes nearly 10.5 million tonnes of coal, 9.5 billion cubic meters of natural gas and 95 million barrels of oil per day.

With this substantial consumption, if carbon emissions are not decreased, the world could witness environmental disasters equivalent to the effect of a nuclear bomb, he declared.

Humanity causes 170 times more hazards to the world than natural factors, he said, urging for greater climate awareness and the effective implementation of the Paris accord to limit global warming

"Even if we can decrease carbon emissions and if climate change can be slowed down, it will cost an estimate of $21 trillion. In a worst scenario, they are talking about $33 trillion," he explained.

Last year, total global income amounted to $75 trillion, Simsek said, adding that there is a need for annual investment of $1 trillion in renewable energy to limit global warming to well below 2°C. He said that investments ranging from $5 trillion to $7 trillion are needed to reach sustainable development goals.

"For example, the cost of solar energy, in which the capacity has substantially increased, is down by a considerable extent, and that will continue in the next 25 years. The cost of solar panels and energy will drop by 67 percent in the U.S. and 85 percent in Japan by 2040. In Turkey, a 50 percent decrease is foreseen," he explained.

Turkey's efforts to move towards renewables for energy production with its enormous investment growth is notable in the country when compared with the achievements in other countries in this area.

The share of renewable energy in Turkey's energy mix is continuously rising, the Deputy PM said.

"The share of renewables was 25 percent 10 or 12 years ago but now it has exceeded 32 percent. If we continue at this speed, this share will reach 50 percent very quickly," he added.

Reporting by Mucahid Eker, Handan Gunes

Writing by Ebru Sengul

Anadolu Agency




29 Sep,2017