On Wednesday, Turkish energy giant Tüpraş announced the budget for its strategic transition plan of USD10 billion by 2050.
Under the plan, Tüpraş attempts to cut its carbon footprint. The company expected its carbon emissions to go down by 27% from the 2017 levels in 2030 and by 35% in 2035 before becoming carbon neutral in 2050.
The company will execute its plan by investing in new energy resources and energy efficiency projects such as sustainable aviation fuels, green hydrogen, and zero-carbon electricity.
Tüpraş General Manager İbrahim Yelmenoğlu said, “In the new period, we will focus on sustainable refining, biofuels, zero-carbon electricity, and green hydrogen. Our strong side, refining, will be the main driver of our transition.”
For energy efficiency, modernization, decarbonization, and value-added production projects, the company will allocate almost USD2.3 billion by 2035. The refining sector is set to make up 90% of the company's operating margin by 2030 and 70% between 2030 and 2035.
Yelmenoğlu added that hydrogen will become the company’s main commercial product, rather than just a side product in our production process.
Tüpraş aims to provide consumers with zero-carbon electricity with plans to have 1 gigawatt (GW) of installed capacity by 2030 and 2.5 GW by 2035.
