News Detail

The World Bank Board of Executive Directors has approved a $2 billion loan to support the Europe and Central Asia Renewable Energy Scale-up (ECARES) program — a landmark initiative aimed at accelerating the region’s transition toward clean, affordable, and sustainable energy.

According to the official statement, the first phase of the program will allocate $657 million to the "Accelerating Market Transition for Distributed Energy Project in Türkiye", setting a strong foundation for distributed renewable energy systems in the country.

The multi-phase, 10-year program seeks to enable 15 gigawatts (GW) of additional renewable energy capacity across participating nations, including Armenia, Azerbaijan, Kosovo, Kyrgyzstan, Tajikistan, Ukraine, and Uzbekistan. Through this effort, the World Bank aims to foster market development, strengthen energy infrastructure, and promote regional cooperation in advancing green energy solutions.

Beyond financial investment, the ECARES initiative is expected to drive innovation in renewable technology, support policy reforms, and encourage private sector participation — key factors for ensuring long-term sustainability and resilience in the region’s energy systems.

This strategic commitment marks an important step toward reducing carbon emissions and supporting a low-carbon economic transformation across Europe and Central Asia, aligning with global climate goals and national sustainability agendas.