**10. Results and discussion**

According to the result of financial analysis, none of the listed renewable electricity generation technology will be financially attractive without additional carbon finance in 2020. Onshore wind plants in the areas with high level wind speed, landfill gas and biogas power plants will be attractive if they secure emission reduction certification and sell those certificates in the voluntary markets based on the price assumptions. However, the wind projects having smaller capacity factor and geothermal projects can be financially attractive. It is clear that, other than price for mini hydro, at least till 2020, none of this prices are realistic, hence these technologies shall have higher feed-in-tariffs to be more attractive by private investors. The effect of carbon finance as an additional revenue to the renewable electricity generation is analyzed. The renewable electricity generation technologies analyzed are; PV, wind, solar thermal with storage, geothermal, biomass gasifier, MSW/landfill gas, biogas and mini hydropower.

to lessen the impact of climate change. Great efforts have been made in reforming energy pricing, promoting energy efficiency and the use of renewable energy sources. With some possible options, the paper concludes that the reduction of emissions can only be achieved when policies are supportive and well targeted, standards and incentives are realistic and

Present Situation and Future Prospect of Energy Utilization and Climate Change in Turkey

http://dx.doi.org/10.5772/54319

17

and Hasan Arman3

1 Sakarya University, Technology Faculty, Department of Civil Engineering, Sakarya, Turkey

3 United Arab Emirates University, Faculty of Science, Department of Geology, Al-Ain, UAE

[1] Yuksel, I., "Energy Utilization, Renewables and Climate Change Mitigation in Tur‐ key", Journal of Energy Exploration & Exploitation, Vol. 26, Number 1, pp. 35 – 51,

[2] ME, Ministry of Environment, National Report of Turkey (Eds. G. Tüzün and S. Sez‐ er) submitted to "World Summit on Sustainable Development", Johannesburg, 2002.

[3] Yuksel, I. and Sandalci, M., "Climate Change, Energy, and the Environment in Tur‐ key", Journal of Energy Sources, Part A: Recovery, Utilization, and Environmental

[4] Yuksel, I., "Development of Hydropower: A Case Study in Developing Countries", Journal of Energy Sources, Part B: Economics, Planning, and Policy Vol.2, Num. 2,

[5] UNDP, United Nations Development program, World Energy Assessment Report,

[6] Yuksel, I. and Dorum, A., "The Role of Hydropower in Energy Utilization and Envi‐ ronmental Pollution in Turkey", Journal of Energy Sources, Part A: Recovery, Uti‐ lization, and Environmental Effects, Vol. 33, Number 13, pp. 1221 – 1229, 2011.

[7] PEWCLIMATE, "Climate Change Mitigation in Developing Countries: Brazil, China,

flexible, and the public is actively responsive to environmental degradation.

2 Karadeniz Technical University, Department of Chemistry, Trabzon, Turkey

**Author details**

**References**

2008.

pp.113 – 121, 2007.

New York: United Nations, 2000.

İbrahim Yüksel1\*, Kamil Kaygusuz2

\*Address all correspondence to: yukseli2000@yahoo.com

Effects, Vol. 33, Number 5, pp. 410 – 422, 2011.

India, Mexico, South Africa, and Turkey", 2002.

According to the result of financial analysis based on the current VCM conditions, carbon finance opportunities for Turkish renewable projects under the voluntary market would be limited to wind power projects with high speed wind potential and also limited to landfill and biogas projects with financial viability. PV, solar thermal, wind projects with moderate or lower wind speed potential, geothermal, biomass gasifier and mini hydro projects are not projected to be financially attractive even with additional VER revenues based on the VER prices of 2020. The potential electricity generation through those projects is estimated to be around 40,000 MW. The national target for installed capacity for wind projects by 2023 is 20,000 MW but, if the current feed-in-tariff prices are not to be increased, the highest available carbon prices in voluntary market will not be sufficient to enable investments of the wind projects with low speed potential. Hence, the investments would be limited to the 8,000 MW wind power projects which are financially attractive based on their high speed wind potential. The additional 12,000 MW wind capacity are projected to be utilized if CDM/JI like carbon scheme will be applicable by 2020, will result additional reduction of 19 million tCO2e emissions considering baseline emissions. In addition to the wind, the entire geothermal energy potential for electricity generation (510 MW) and biomass gasifier as well as most of mini hydro (10 MW) potentials can be utilized with any carbon scheme leading emission reduction prices by 2020.
