The EBRD granted a $42 million loan to Kavram Enerji, a Fiba Renewables subsidiary, for the financing of two solar power plants in Türkiye. The loans will fund the development of a 55 MW hybrid solar plant in Isparta and a 20 MW plant in Balikesir, boosting renewable energy in Türkiye.

Carbon Emissions Reduction and Supporting Türkiye’s Climate Goals

After commissioning both power plants, carbon emissions into the atmosphere will reduce for Türkiye by around 37,000 tonnes each year. This fits into ambitious country-wide climate objectives: speeding up the country’s changeover to a better alternative, sustainable energy system. As part of its hybrid energy approach, the facility promotes a mix of diverse power sources that help bring forth more efficient and reliable production with renewables.

Strategic investment from EBRD

This is the EBRD’s first foray into hybrid energy solutions in Türkiye and is an increasingly important part of the development of renewable energy. Hybrid power systems combine several renewable energy sources through a common connection point, maximizing efficiency and reliability. In addition, the EBRD’s partnership with Fiba Renewables will boost hybrid energy investments, strengthen energy security, and accelerate renewable growth.

Also read: EBRD Invests €21.7 Million in Greece’s Real Estate Sector

EBRD’s Commitment to Türkiye’s Energy Transition

Aida Sitdikova, Head of Energy for Eurasia, the Middle East, and Africa at EBRD, said, “As a substantial investor in Türkiye, we recognise not only the country’s vast renewable energy potential, but also its ambitious targets and robust interest from private players.”

Fiba Renewables leads the Turkish renewable energy market with a total installed capacity of 581 MW. Furthermore, it will increase this capacity to 737 MW by Q1 2025 and continue growing with new hybrid energy projects. By mid-2026, Fiba Renewables will have exceeded 1,000 MW and will be one of the regional leaders in renewable energy.

Besides their efforts in the environment, Fiba Renewables works to put an end to gender inequality in the renewable energy sector. The company is also developing projects to raise awareness among women and create job opportunities, promoting greater gender inclusion.

Carbon capture and storage (CCS) technology is critical for decreasing greenhouse gas emissions and mitigating climate change. But, despite its reported importance, research on public willingness to pay (WTP) for CCS is still limited.

In a recent study, researchers found out the factors influencing public support and WTP for CCS. The study was published in Nature.

Also read: CO2 Lock Corp to Launch CCS Pilot Project in Northern British Columbia

Key Drivers of Public Support

The study, co-authored by Jiwon Kim and Jacob Ladenburg, reveals that public backing for carbon capture depends on three main factors:

1. Information Provision: Awareness and understanding of CCS technology play a vital role in shaping public opinions.
2. Project Scale: The magnitude of the development significantly impacts public willingness to pay for these initiatives.
3. Familiarity: Prior knowledge about CCS increases acceptance, irrespective of specific CO2 reduction targets.

Insights from the Danish Survey

A group of researchers conducted a nationwide online survey in Denmark from June to August 2022. They employed contingent valuation method. The approach opted for evaluates how much individuals are willing to contribute to financially back CCS projects.

The findings highlight that boosting public familiarity with CCS technology positively influences support levels. This relationship holds true even when specific CO2 reduction goals are not emphasized. Additionally, the study employed a scope test to estimate WTP elasticities relative to project size, ensuring reliable and economically significant outcomes.

Implications for Policy and Climate Action

This research offers crucial insights for policymakers and stakeholders working to advance CCS technology. Understanding the role of information, familiarity, and project scale allows for the design of effective strategies to garner public support.

The success of CCS, a core component of global efforts to mitigate climate change, requires public acceptance. These results enable governments and organizations to communicate the benefits of CCS effectively, paving the way for a sustainable and informed future.