Press release

Garanti BBVA Mortgage joins the lending institutions of the Energy Efficient Mortgages Pilot Scheme   

Brussels, 25 October 2019 – For immediate release

The Energy Efficient Mortgages (EEM) Initiative is delighted to announce that Garanti BBVA Mortgage has joined the Energy Efficient Mortgages Pilot Scheme.

As of today, 49 lending institutions have committed to test the implementation of the final energy efficient mortgages framework into their existing product lines and processes.

These lending institutions are joined by 33 supporting organisations throughout EU and by 14 national, European and International institutions of the Advisory Council, which advises on the development of the Pilot Scheme in the market.

The EEM Initiative aims at delivering a mortgage financing mechanism, according to which borrowers are incentivised to improve the energy efficiency of their properties or to acquire highly energy efficient properties, by way of favourable financial conditions linked to the mortgage. The Initiative will furthermore develop a data collection infrastructure for energy efficient mortgages.

Luca Bertalot, Energy Efficient Mortgages Initiative Coordinator, commented:

“It is with pleasure that we welcome Garanti BBVA Mortgage as a new member of the Energy Efficient Mortgages Initiative Pilot Scheme. In order to achieve more sustainable growth and reach the COP goals to fight climate change, everyone must play a role. Since its launch in June 2018, the number of banks participating in the Pilot Scheme has constantly increased, demonstrating the relevance of the Initiative and the willingness of the market to work together to build a greener and more sustainable planet for the future generations.”

Murat Atay, CEO of Garanti BBVA Mortgage, said:

“Garanti BBVA Mortgage is glad to join the EEM Initiative as the first bank from Turkey. We attach great importance to support the program that is aimed at contributing energy efficient housing sector and ultimately sustainable development. As Garanti BBVA Mortgage; we worked with EBRD and IFC as being the first collaboration for green mortgages in Turkey and launched our “Green Mortgage” product in 2017 with favourable interest rates. Total funding from IFIs is 200 million EUR to support green mortgages.  We are supporting Turkey’s low carbon development by ensuring at least 40% energy efficiency in new residences that we’ve financed with this loan. We believe that we would have a role on extending Green Mortgage worldwide through sharing our experiences under the umbrella of EEM Initiative, and will also work on the other hand, to improve this product in Turkey thanks to EEM know-how. We’re sure that our collaboration with EEM will further contribute to our ongoing work on developing innovative products to support energy efficiency.”