A total of 70 financing institution have committed to boost investment in energy efficiency projects.
They made the pledge at a two-day conference held by the European Bank for Reconstruction and Development (EBRD) and the United Nations Environment Programme Finance Initiative (UNEP FI) in Istanbul.
The regional, national and global banks will also help develop business strategies to save energy and reduce carbon emissions.
According to the EBRD, energy efficiency has been recognised as one of the most economically effective means of tackling climate change.
Citing the International Energy Agency (IEA) it added more than 40% of emission reductions would come from efficiency.
It suggests investment in energy efficiency needs to increase four-fold from current levels to meet the target.
Josué Tanaka, Managing Director for Energy Efficiency and Climate Change at the EBRD said: “Investing in energy efficiency makes economic sense and the current financing gap represents a huge business opportunity.
“The financial sector is uniquely placed to channel finance to energy-saving opportunities and address the current investment gap. Our aim is to make sure the financial community can tap into this potential by forging links with the most up-to-date expertise and technology.”