Turkey’s renewable and biofuel energy supply stood at 27.95 Million Tonnes of Oil Equivalent (Mtoe) in 2023. The analysis of year-on-year variations shows that the most notable increases occurred in 2015 (29.88%), 2019 (22.1%), and 2022 (9.67%), indicating significant growth phases during these periods. Over the last two years, growth rates were 5.6% in 2023 and 9.67% in 2022, displaying a consistent upward trend. The Compound Annual Growth Rate (CAGR) for the past five years was 7.89%, reflecting robust average annual growth.
Looking ahead, the forecast indicates continuous growth, with the renewable and biofuel energy supply expected to reach 35.14 Mtoe by 2028. The forecasted 5-year CAGR is 3.62%, suggesting a steady, though slightly slower, expansion compared to previous years. Key future trends to watch include technological innovations in renewable energy, policy changes supporting green energy, and investment in biofuel infrastructure. Turkey's commitment to meeting climate goals will likely influence the growth trajectory of this sector positively.
- Monitor technological innovations in renewable energy.
- Policy changes supporting green energy transitions.
- Investment in biofuel infrastructure.
- Turkey's commitment to climate goals influencing sector growth.
