Climate Change Management
Climate change continues to be one of the biggest challenges facing the world today, as a global threat that may affect each and every aspect of our civilization. The climate change related risks for the banking industry vary from rising operating costs to the uncertainty in the legal framework. Banks that successfully handle and manage these risks will not only be in a position to minimize these costs but will benefit from various opportunities such as being able to address changing customer profile expectations and meeting the financing needs of “green” investments. For this reason, Garanti Bank believes that climate change is a strategic issue that requires full integration with all business processes and decision-making mechanisms.
Accepting that the first step to be taken in tackling climate change is to determine the GHG emission profile, Garanti has been measuring its carbon footprint and implementing an array of initiatives since 2009 in order to manage it. Assessing the risks and opportunities imposed by climate change on its activities, Garanti Bank reports all of its efforts to tackle climate change to the CDP Climate Change program. In 2015, Garanti was awarded the “CDP Turkey 2015 – Carbon Disclosure Leadership” award and CDP 2015 Carbon Performance Award by CDP, making it the only Turkish company to get on the global A list in 2015.
In addition, Garanti published its Climate Change Action Plan Statement for combating climate change in 2015. Garanti focuses its activities on combatting climate change on four main areas: pricing of carbon and prioritization of renewable energy investments, reducing deforestation, management of water risks related to climate change, and establishing green office standards.
Garanti also became the first Turkish company to sign the UNGC’s Business Leadership Criteria on Carbon Pricing. The Plan represented the business world’s support for carbon pricing prior to the Paris COP 21 Meeting.