Turkey and Energy Efficiency
- December 05, 2013
- Oguz Erkol
PwC, the network of member accounting firms, released a new report on energy, titled “Low Carbon Economy Index 2013: Busting the carbon budget“. Concentrating on the energy efficiency, the report emphasizes the rate of decarbonisation around the world. Overall, it suggest that requiring a rate of decarbonisation not to exceed two degrees of warming never achieved since 2007, the year of the first release.
So how about Turkey? I am highly interested in energy policies in Turkey and find the recent developments in energy efficiency praiseworthy. The chart below shows why I think this way. Although some seasonal effects in energy imports, GDP growth has outperformed. The data between 2002-2010 is much better.
Let us turn back to the PwC reports. Here is league of G-20 ranked by low carbon economy index.
According to data, Turkey decreased its energy related emission bu 1.1% with a 2.2% growth rate in 2012. By this, Turkey made a progress in clean energy taking sides with Italy, the US, Australia, meanwhile Japan, India, Saudi Arabia, China were killing the planet.
This is what report is saying about energy efficiency:
Italy, the UK and Turkey are the most energy efficient economies in the G20 league, each consuming less than 90 % of energy for every $m of GDP generated.
Needless to say, I totally agree with PwC at this. Another fine point is that Turkey is among the countries where the share of renewables in energy consumption has risen.
Talking about widening current account deficit, the alternative ways to stop it are non-ignorable.