“…By contrast, in the period of the greatest reduction in CO 2 /VA (2015-2021), LOAN/VA had a stable or decreasing trend. Indeed, between 2005 and 2021, Turkey increased both CO 2 emissions and value added, but the former increased less than the latter (see Figure A2b in Appendix A), mainly due to replacement of coal with alternative sources (natural gas, electric heating, solar energy, and wind energy) [27]. In addition, in the same period, Turkish banks increased loans to the most polluting sectors (17-Electric, Gas and Water Resources, 19-Retail Sale of Motor Vehicles and Its Fuel Oil, 21-26-Transportations) relative to the other sectors (Figure A1).…”