The Green New Deal, which has become the predominant global development paradigm for the second quarter of the 21st century, brings forth an investment effort unparalleled in the past fifty years. The Green New Deal, encompassing the energy and the digital transition, is also seen as a way to overcome the “productivity decline” problem facing World economies. The resulting increase in investment needs brings forth a search for increasing and diversifying financing both in Turkey and in the World. In 2021, upon ratifying the Paris Agreement and declaring a net-zero carbon target for 2053, Turkey also needs to speed up its energy transition that started with growing renewable energy investments over the past ten years. In order to make the necessary investments in renewable energy, energy efficiency, electrification and new technologies for the net-zero carbon target, Turkey needs both a comprehensive green transition plan and green finance strategy integrated with such a plan. The report identifies major policy and action areas for this purpose and presents recommendations on financing mechanisms for different consumer groups.
