Garanti BBVA and Ivy Decarb partner to finance textile decarbonization
BBVA’s Turkish franchise has partnered with Ivy Decarb Marketplace to help textile manufacturers cut carbon emissions. The bank will finance companies through the platform as they shift to cleaner production methods.
At an event in Istanbul hosted by Garanti BBVA and Ivy Decarb, textile executives, European brands and Turkish manufacturers discussed how financing and technology can accelerate the industry's green transition. Attendees included trade associations such as TEMSAD, the Istanbul apparel and textile exporters' associations (İHKİB and İTHİB), and the Turkish exporters assembly (TİM).
BBVA’s Turkish unit will offer equipment loans directly through Ivy Decarb's platform. Companies can apply for credit digitally, including those not yet banking with Garanti BBVA. New customers can open accounts online, while those needing assistance can contact the bank through its website.
Garanti BBVA has pledged 3.5 trillion Turkish lira ($102 billion) in sustainable financing through 2029, after meeting its initial 400 billion lira target ahead of schedule. "Sustainability is no longer an environmental issue: it is business itself," said CEO Mahmut Akten at the event. He argued that Turkish textile companies must decarbonize to remain competitive long-term. BBVAsurpassed its 2018-2025 financing commitment one year earlier than planned and raised its target more than double (€700 billion in sustainable business between 2025 to 2029 vs €300 billion set for the 2018–2025 period)
Ivy Decarb connects textile manufacturers with lenders and equipment suppliers to upgrade aging machinery. The platform helps companies choose equipment based on returns, efficiency and emissions impact. "Turkish textile makers must modernize to meet global brands' environmental standards," said CEO Javier Bernal. "This creates an opportunity to boost both productivity and sustainability."
Through the partnership, textile companies can track their investments' carbon reductions on Ivy's platform while accessing Garanti BBVA's financing digitally. The system monitors environmental impact and speeds up loan processing.