Businesses that choose to offset their carbon emissions by purchasing Gold Standard Voluntary Emissions Reduction (VER) credits, such as the 289,000 issued today by the Aliağa Wind Farm project, are changing the make-up of Turkey’s energy provision. Through carbon finance, ClimateCare is helping make it commercially viable for developers to exploit Turkey’s strong wind supply to generate renewable power and move the country away from an historical reliance on fossil fuels.
According to the Global Wind Energy Council, Turkey’s electricity consumption is increasing by an average of 8-9% every year. So far, this demand has largely been met through coal power and large hydro projects, often backed by state investment. This is despite the fact that Turkey has limited fossil fuel reserves and one of the best wind supplies in Europe (European Parliament’s wind index).
“To date, the relatively low and unstable electricity prices offered by the Government have made investment in wind farms challenging,” explains ClimateCare director, Edward Hanrahan. “However, by working with the project developers and taking them through the process of Registration and Issuance of carbon credits from the Gold Standard, ClimateCare has helped renewable energy projects in Turkey gain commercial viability through carbon finance”.
ClimateCare was a pioneer in bringing carbon finance to renewable energy projects in Turkey. As a result, investment in wind energy has become more attractive and wind capacity in Turkey is growing – rising from 0% in 2006, when Bilgin Enerji the developer of Aliağa built the country’s first private wind farm, to 3.5% of the total electricity generating capacity of the country, today.
“The voluntary carbon market has had a significant role in making the wind sector an attractive one for investors” says Tolga Bilgin, Owner of Bilgin Enerji and Chairman of RESSIAD1, the Turkish Renewable Energy Association, “ClimateCare was one of the first to see this potential and we are pleased they have been an early supporter of wind projects in Turkey”.
Today sees the Issuance of Gold Standard VER credits from the second Bilgin owned wind farm project, supported by ClimateCare. The Aliağa wind farm is one of the largest in Turkey, with 36 wind turbines and an installed capacity of 90MW. It generates approximately 300,000 MWh of clean, renewable energy each year and is already having an impact, saving 300,000 tonnes of CO2 emissions in its first 21 months of operation. In addition, the project is supporting the local community by improving water supplies to the neighbouring village and donating computers and furniture to the local school and rehabilitation centre. The Gold Standard credits issued will be of interest to businesses who want to offset their carbon emissions at a commercial rate and demonstrate their support for a project that is helping make an immediate and measurable diversion from fossil fuel to clean, renewable energy.
Those interested in purchasing credits should contact the ClimateCare team on +44 (0) 1865 591000