The EBRD and its donor partners are boosting green investments in Turkey’s residential housing sector.
Turkey's housing market is undergoing a major trasnformation. The EBRD supports it with investments in energy efficient and anti-seismic property development in framework of the Turkish Residential Energy Efficiency Financing Facility (TuREEFF).
Because Turkey is a seismically active area within the collision zone of the Eurasian Plate and both the African and Arabian Planes, it is considered a hotspot for potential damaging hazards. Even though it is virtually impossible to predict when the next earthquake might strike, researchers are urging the creation of safety plans.
The Turkish government is aware of these risks and in response implements an Urban Transformation Plan (UTP): to demolish and reconstruct thousands of buildings in those earthquake-prone areas deemed to be unsafe.
The EBRD saw the UTP as a great opportunity to develop it even further – under the TuREEFF umbrella. The facility encourages companies to build not only safer, but more energy-efficient housing in Turkey. If a small or medium-sized construction company is demolishing an existing building and decides to rebuild it to a higher energy efficiency standard, then it can benefit from a TuREEFF loan from the banks participating in the programme.
TuREEFF provides finance to SME construction companies and project developers investing in sustainable energy projects.
The TuREEFF engineering team provides the companies with advisory services through every project phase, including raising awareness on energy efficiency measures, developing and implementing the projects, verification of the results.
The banks participating in the programme receive a helping hand in a number of areas as well - from product development, marketing and communications, pipeline development, eligibility assessments and outcomes reporting.
Jean-Patrick Marquet, the Director for Turkey, said: “The reason why we focus on investments that promote energy efficiency in the residential sector in Turkey is because we believe that they provide high value for money. In fact, this is currently one of the top priorities for Turkey, as its residential sector is identified as one of the most energy intensive".