The Importance and Impact of Fossil and Renewable Energy Sources in Turkey on Business and the Economy

Abstract

Turkey is rapidly growing in terms of both its economy and its population. In parallel, its demand for energy is increasing fast. Energy is one of Turkey’s most important development priorities. Today, Turkey’s economy is mainly dependent on oil, natural gas, coal, and electricity. Turkey’s energy production meets only a part of its total energy consumption and thereby is an energy-importing country. On the other hand, Turkey has a large potential for renewable energies. The most important renewable sources for Turkey’s energy sector are wind, biomass, hydro, solar and geothermal. Renewable energy sources respond to the process of the trio of energy, economy, and environment because, as a local source it has many positive effects on employment and provides momentum to the economy of the country. Turkey would have to commit to the development and implementation of renewable energy technologies and energy conservation. The implementation of renewable energy technologies would reduce the current national and global environmental problems as well as national energy insecurity associated with the production and use of fossil energies. Thus, the aim of this article is to present the energy situation and potential of the renewable energy sources in Turkey as well as associate these factors with the economy and business priorities.

Keywords:

• businesses
• economic impact
• energy
• renewable energy sources
• Turkey

Notes

¹ For instance, the electricity produced in the world is mainly acquired from fossil fuels (almost 80%) and the rest from renewable energy sources. However, the increasing utilization of fossil fuels and the intensification of industrialization promote the environmental degradation. During the combustion process of fossil fuels carbon dioxide, nitrogen dioxide and sulfur dioxide emerge as contaminants affecting the global environment negatively. Each day, as industrialization increase, the usage of fossil fuels and environmental pollution will increase. This will also keep bringing extra costs to all governments as well (Çolak et al., 2008; Gençoğlu, 2002).