Investments of $1.3 billion aimed at energy efficiency helped Türkiye save $372 million in 2021, according to data from the Energy and Natural Resources Ministry. Türkiye launched its National Energy Efficiency Action Plan in 2018, which targets to increase efficiency in buildings industry, transport, agriculture and other sectors. According to the ministry’s calculations, investments in energy efficiency pay off in five years. Thanks to the $1.3 billion worth of energy efficiency investments, 43 million tons of greenhouse gas emissions have been prevented and 12,000 jobs were protested. Energy and Natural Resources Minister Fatih Dönmez recently unveiled a scheme to encourage people to undertake energy efficiency measures in residential dwellings. Under the Heat Insulation Loan Package, financing of up to 50,000 Turkish Liras per apartment will be provided at a 0.99 interest rate with a maturity of 60 months. The latest provisional data from the Trade Ministry showed that Türkiye spent more than $7.7 billion on energy imports in July, up nearly 96 percent from $4 billion in the same month of 2021.
In the first seven months of 2022, the country’s energy import bill grew nearly 145 percent on an annual basis to $55.6 billion. In 2020 and 2021, Türkey’s energy imports stood at $28.9 billion and $50.7 billion, respectively.