Energy Investment and Financial Integration Lead Eurasian Economic Forum in Istanbul
Participants focused on the challenges created by geopolitical tensions, disruptions to supply chains and growing energy demand, alongside the financial infrastructure needed to support investment and cross-border economic activity.
Turkish Energy and Natural Resources Minister Alparslan Bayraktar said countries facing an increasingly uncertain global environment must prioritize energy diversification, infrastructure investment and international partnerships.
He noted that Türkiye imports nearly 70% of its energy requirements, making efforts to reduce dependence on external suppliers an important economic and national security objective.
Renewable energy has become an increasingly important component of the country's electricity system. Bayraktar said renewable sources represent more than 62% of Türkiye's installed electricity generation capacity, while the combined capacity of wind and solar power has surpassed 43 gigawatts.
The minister emphasized that further investment would be necessary to expand renewable generation, strengthen electricity infrastructure and improve the country's ability to exchange power with neighboring markets.
Türkiye Plans Major Energy Infrastructure Investments
Türkiye expects to require substantial investment in its electricity networks in the coming years as it expands renewable energy production and works to ensure that its grid can accommodate a growing share of variable power sources.
Bayraktar said the country is preparing to conduct its first offshore wind energy tenders during the first half of 2027. Türkiye's Renewable Energy Resource Area program is also designed to allocate two gigawatts of new capacity annually, supporting the expansion of domestic renewable generation.
The government is pursuing nuclear power development alongside its renewable energy plans. Bayraktar said work is continuing with Russia's Rosatom to bring the first reactor at the Akkuyu Nuclear Power Plant into operation in the coming months.
Once all four reactors are operational, the facility, which has a planned capacity of 4.8 gigawatts, is expected to supply approximately 10% of Türkiye's electricity demand.
Looking further ahead, the country aims to develop 20 gigawatts of nuclear capacity by 2050. The target includes conventional nuclear reactors as well as small modular reactor technologies.
Bayraktar also highlighted Türkiye's geographical position between major energy-producing and energy-consuming regions. Ankara aims to build on this advantage by strengthening its role as a dependable partner linking regional energy markets and facilitating energy flows between neighboring countries.
COP31 Presidency To Prioritize Practical Climate Action
Türkiye's upcoming role as host of the United Nations Climate Change Conference, COP31, in Antalya is expected to provide another opportunity to advance its energy and climate priorities.
Bayraktar said the Turkish presidency would focus on implementation, seeking to translate international climate commitments into concrete investments, technology deployment and measurable results.
He argued that the transition to cleaner energy must take account of differences between countries, including their existing energy systems, economic conditions and development requirements. A uniform approach, he suggested, would not adequately reflect the varying circumstances faced by individual nations.
The minister also said Türkiye would promote a voluntary global electrification initiative known as "35 by 35." The proposal aims to increase electricity's share of total final energy consumption worldwide to 35% by 2035.
Achieving the necessary transformation will require substantial funding, Bayraktar said, highlighting the importance of mobilizing private-sector capital, securing support from international financial institutions and expanding cooperation on technology.
These partnerships will be particularly important as countries seek to modernize electricity networks, increase renewable generation and develop the infrastructure needed to support wider electrification.
Eurasian Economies Seek Stronger Financial Connections
Beyond energy policy, the forum examined how closer financial cooperation could support investment and improve access to capital across Eurasia.
During a panel titled "Financial markets in the heart of Eurasia: Resilience, Infrastructure, Undervalued Opportunities," government representatives and financial-sector executives discussed ways to connect regional capital markets and improve cross-border participation by investors and companies.
Russian Deputy Finance Minister Ivan Chebeskov said deeper and more liquid capital markets could become more attractive and efficient, adding that Eurasian economies still have considerable potential to expand financial integration.
He said the Eurasian Economic Union had begun introducing mechanisms intended to make it easier for investors and issuers to access markets across member countries. A separate mechanism designed to facilitate access for professional market participants was also approaching completion.
Chebeskov identified closer integration of market infrastructure as another priority, particularly through stronger links between stock exchanges and depositories.
He also discussed initiatives within the BRICS grouping, which includes Brazil, India, China and other countries. Pilot projects involving the Moscow Exchange and Russia's National Settlement Depository are testing connections between the capital markets of participating countries interested in greater cooperation.
The use of national currencies was another area Chebeskov identified as likely to become more significant in regional financial markets, reflecting wider efforts to develop alternative channels for cross-border transactions.
Russian Markets Become More Dependent On Domestic Financing
Viktor Zhidkov, chairman of the Moscow Exchange, said Russian equity and debt financing activity was now largely concentrated within the domestic market.
According to Zhidkov, companies are increasingly issuing shares and bonds locally, with demand from domestic investors providing the capacity to absorb new offerings.
Retail investors' stock market assets have nearly doubled over the past five years, reaching 16 trillion rubles, equivalent to approximately $199 billion, he said.
Private investors have also invested more than four trillion rubles, or around $50 billion, in corporate bonds traded on the Moscow Exchange since 2022.
Corporate bond placements totaled 7.2 trillion rubles, equivalent to approximately $89.6 billion, during the first nine months of 2026. Zhidkov said this represented a 20% increase compared with the corresponding period a year earlier.
The figures illustrate the growing importance of domestic capital markets in providing businesses with funding and giving investors access to financial instruments within Russia.
Ignat Dirks, first deputy head of a department at Gazprom, described a similar change in the company's financing structure. He said foreign markets accounted for 77% of Gazprom's financing portfolio in 2022, but their share had declined to 13% by the middle of 2026.
Dirks said the company had raised more than $14 billion through domestic markets over the previous four years to refinance existing obligations. It had also secured around $20 billion to fund new projects.
He attributed the shift to the increasing maturity of Russia's domestic financial market, which has enabled the company to obtain funding locally on a larger scale.
Common Financial Standards Seen As Essential
Elena Borisenko, deputy chairperson of Gazprombank, emphasized the need for financial centers across Eurasia to develop complementary capabilities and areas of specialization.
She said greater consistency in standards, compliance requirements and operating practices would help financial institutions and markets work together more effectively.
Borisenko also highlighted the importance of reliable settlement systems, efficient capital flows, trade finance and a wider range of investment products. These elements, she argued, would influence the resilience and effectiveness of the region's financial infrastructure.
Closer coordination across these areas could help improve the movement of capital between markets, support commercial transactions and create more opportunities for businesses seeking investment.
The discussions reflected a broader interest in building financial links that can accommodate regional trade and investment while allowing individual markets to strengthen their domestic capabilities.
Forum Brings Together Representatives From More Than Thirty Countries
The 19th Verona Eurasian Economic Forum took place at Istanbul's Ciragan Palace on Thursday and Friday, bringing together political, diplomatic, academic and business representatives from more than 30 countries.
The event was organized by Italy's Associazione Conoscere Eurasia, with support from Türkiye's MUSIAD and Ibn Haldun University.
Energy diversification, renewable generation, nuclear development and climate investment featured alongside discussions about capital markets, domestic financing and cross-border financial infrastructure.
Together, the discussions highlighted the importance participants placed on investment, institutional cooperation and stronger regional connections as Eurasian economies respond to geopolitical uncertainty and changing global economic conditions.
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