Rapid demand growth and intensifying competition for finance and technology are emerging as the two main challenges facing developing economies, Turkish Energy and Natural Resources Minister Alparslan Bayraktar said on Thursday.
Bayraktar made the remarks during the second day of the International Energy Agency (IEA) Ministerial Meeting held in France, speaking at the Global Energy Dialogue plenary session titled "Addressing Energy Affordability and Inclusivity for a Secure and Sustainable Future."
Bayraktar noted that new consumption areas such as AI-driven data centers, cooling needs, and the expansion of electric vehicles are adding further pressure on energy systems.
He underlined that accessing finance and foreign direct investment has become more difficult, as emerging economies now have to compete with digitally advanced developed economies that are also experiencing renewed demand growth.
Addressing a second major challenge, Bayraktar said access to technology and equipment has also become increasingly constrained amid strong global demand.
Procurement timelines for combined cycle gas turbines (CCGTs) have significantly lengthened, he said.
"If you would like to install a CCGT, you may have to wait four to six years due to the global rush," he added.
"The mineral side is unfortunately not matching or supporting the need for this extraction. There is a big supply shortage ahead of us in materials such as copper, aluminium, nickel, and rare earth elements. These are the key challenges," Bayraktar said.
Speaking about Türkiye's approach, Bayraktar said the country is following a more diversified and pragmatic policy framework.
"We are trying to implement those in maximum utilization of renewables, constant improvement on energy efficiency, an ambitious nuclear power generation program, and investing in natural gas as a transition fuel for upstream to midstream regasification, storage, and others as well," he said.
He emphasized that stronger cooperation beyond ideological or political differences is essential.
"Policy consistency to provide clarity and certainty to investors is another important element. Also, engaging our citizens, educating and empowering them to be part of this rough journey. Because at the end of the day, all decisions that we are making require public support and public acceptance," he said.
Bayraktar also underlined that Türkiye has a very ambitious nuclear power generation program and aims to reach 20 gigawatts of nuclear capacity by 2050, including large-scale conventional reactors as well as small modular reactors (SMRs).
Bayraktar said in a post on X that, on the sidelines of the meeting, he met with Spain's Third Deputy Prime Minister and Minister for Ecological Transition, Sara Aagesen. He said they discussed their countries' ambitious renewable energy targets and explored cooperation in mining and electricity generation.
He also held talks with Ireland's Minister for Climate, Energy and the Environment, Darragh O'Brien, focusing on renewable energy, particularly offshore wind, as well as interconnection infrastructure and potential areas for collaboration.
By Basak Erkalan
Anadolu Agency
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