Garanti BBVA Mortgage joins 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.”


Notes to the Editor:
The Energy Efficient Mortgages Action Plan (EeMAP) Initiative
 – led by the European Mortgage Federation-European Covered Bond Council (EMF-ECBC), Ca’ Foscari University of VeniceRICS, the Europe Regional Network of the World Green Building CouncilE.ON and SAFE Goethe University Frankfurt–  aims to create an energy efficient mortgage through which homebuyers are incentivised to improve the energy efficiency of their building or acquire an already energy efficient property by way of favourable conditions linked to the mortgage. The cornerstone of the initiative is the assumption that energy efficiency has a risk mitigation effect for banks as a result of the impact on a borrower’s ability to service his/her loan and on the value of the property, a correlation which the EeMAP Initiative will seek to substantiate. 

The Energy Efficiency Data Protocol and Portal (EeDaPP) Initiative – led by European Mortgage Federation-European Covered Bond Council (EMF-ECBC), Ca’ Foscari University of VeniceCRIFEuropean DataWarehouseHypoportSAFE Goethe University Frankfurt and TXS  - aims to design and deliver a market-led protocol, which will enable the large-scale recording of data relating to energy efficient mortgage assets, via a standardised reporting template. The data will be accessed by way of a common, centralised portal, allowing for continuous tracking of the performance of the energy efficient mortgage assets, thereby also facilitating the earmarking of such assets for the purposes of energy efficient bond issuance.

For additional information on the pioneers, please visit: Pilot Scheme


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