Istanbul, Turkey, November 20, 2017
IFC, a member of the World Bank Group, is building momentum for its EDGE green building certification program with Aycan-Feres Joint Venture receiving the first certification for a project in Turkey. An innovation of IFC, EDGE (Excellence in Design for Greater Efficiencies) empowers developers to design resource-efficient buildings while lowering greenhouse-gas emissions.
Aycan-Feres Joint Venture has achieved EDGE certification for Greenox, a residential
multi-story building located in the center of the city of Istanbul. The project demonstrates the value of green buildings and serves as a symbol to encourage green building development in the country.
& Feres Board Member and Architectural Concept Designer said: “Evaluating examples from around the world, we have designed Greenox as Turkey’s first vertical forest building. On a yearly basis Greenox will reduce carbon emissions by 250 tons and reduce water and energy consumption by 40%.”
The Greenox building will consist of 16 residential floors, 170 apartment units, and six parking floors with a total housing area of approximately 8,000 net square meters. The building and its surrounding areas are scheduled for completion in February 2018.
Buildings account for about 33% of energy consumption in Turkey and are also the largest contributor to the country’s green-house gas emissions. Driven by rapid urbanization and strong demographics, Turkey will build or refurbish about 13 million housing units over the next ten years
mproving energy efficiency in buildings is critical for the country to protect natural resources, develop a more competitive built environment, and help mitigate climate change
“Precise and strategic changes can make a big difference in improving the efficiency of buildings, which make up about a third of Turkey’s total energy consumption,” said Jesper Kjaer, IFC Senior Manager for Europe and Central Asia and Turkey. “Resource efficiency will significantly reduce the operating costs of buildings and put Turkey on a low-carbon economic growth path.”
IFC launched its Green Buildings Program in Turkey in 2016. The objective of the program is to contribute to the development of the green building market by encouraging the real estate sector to design and build green. As part of the program, IFC has trained architects and engineers on green building aspects in partnership with the Turkish Green Buildings Council, to raise awareness about the benefits of green buildings.
In parallel, IFC has invested in green buildings in Turkey from its own portfolio. Over the past several years, IFC provided funding to Turkish banks to originate green mortgages and issue Turkey’s first green covered bond.
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with more than 2,000 businesses worldwide, we use our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In FY17, we delivered a record $19.3 billion in long-term financing for developing countries, leveraging the power of the private sector to help end poverty and boost shared prosperity. For more information, visit
An innovation of IFC, EDGE helps property developers to build and brand green in a fast, easy and affordable way. EDGE is supported by free software that encourages solutions to reduce energy, water and the energy used to make building materials by at least 20 percent, which is the standard for EDGE certification. The program
has been generously supported by the following donors: Austria, Canada, Denmark, ESMAP, EU, Finland, GEF, Hungary, Japan and Switzerland. For more information, visit