While the crisis in the Middle East shakes the energy markets, the global toll of fossil fuel dependence is growing. While it is calculated that countries importing crude oil, petroleum products and LNG by sea pay approximately 330 billion dollars more than pre-war estimates, it is stated that Türkiye will save approximately 11 billion dollars in natural gas imports in 2026, thanks to its renewable energy investments.
COUNTRIES ARE FRAGILE
At the meeting attended by climate diplomacy and energy security experts before the United Nations General Assembly, it was emphasized that the crisis in Hormuz once again showed how fragile countries dependent on energy imports are. Particularly in Pacific countries, the cost of imported fossil fuels used to generate electricity reaches up to 10 percent to 24 percent of GDP in some countries. This burden also puts pressure on basic public expenditures such as education and health.
SAVINGS OF 11 BILLION DOLLARS
For Türkiye, the economic benefits of renewable energy investments stand out. According to experts’ calculations, approximately 11 billion dollars of natural gas imports will be prevented in 2026 thanks to solar, wind and other renewable resources. This figure shows that renewable energy has become a critical tool not only for climate policy, but also for energy security and current account deficit.
QUITE STUNNING
All eyes are on COP31. While Türkiye will chair the summit, Australia will play an important role in the negotiation process. According to experts, the real test of the two countries will be to build a concrete bridge between short-term energy security and long-term climate goals. Moving away from fossil fuels, accelerating renewable energy investments and reducing import dependency will be among the most critical topics of the summit. Experts comment on the resulting picture as “quite striking”.
