KUNA : Turkey to invest USD 10 bln. in strategic transition plan – General – 25/11/2021 – Kuwait News Agency

KUNA : Turkey to invest USD 10 bln. in strategic transition plan – General – 25/11/2021 – Kuwait News Agency

ANKARA, Nov 24 (KUNA) -- Turkey's energy giant Tupras unveiled on Wednesday plans to invest up to USD 10 billion by 2050 as part of its Strategic Transition Plan. Under the parent company Koc Holding's 'Carbon Transition Program', which comprises feasible steps to combat the climate crisis and for the company to become carbon neutral by 2050, Tupras plans to decrease its carbon footprint, Anadolu Agency (AA) reported. Thanks to investments towards new energy resources and energy efficiency projects, Tupras projects a reduction of its carbon emissions by 27 percent in 2030 and 35 percent by 2035 compared to 2017 levels, before becoming carbon neutral in 2050. As part of the Plan, the company will mostly invest in new energy resources such as sustainable aviation fuels, green hydrogen and zero-carbon electricity."In the new period, we will focus on sustainable refining, biofuels, zero-carbon electricity and green hydrogen," AA quoted Tupras General Manager Ibrahim Yelmenoglu as saying at a press conference. "Our strong side, refining, will be the main driver of our transition," he pointed out. Tupras will assign nearly USD 2. 3 billion by 2035 for energy efficiency, modernization, decarbonization and value-added production projects, while refining is expected to constitute 90