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 and Water programs.
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.
Taking place among the 28 banks from five continents representing consolidated total assets of USD 17 trillion, we have been invited by the United Nations Environment Programme Finance Initiative (UNEP FI) to define the new shape of banking to better align with the society’s goals. The new Principles on Responsible Banking will allow every bank to credibly showcase their desire and concrete actions to contribute to our society and our planet. As Garanti, we are proud to be part of this historic movement. Being the only bank from Turkey included in a total of eight different sustainability indices including the Dow Jones SustainabilityTM Emerging Markets Index, we are aspiring to act as a role model for all our stakeholders in this area.