Awards for Excellence 2018
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Garanti Bank has not only led the financial industry in Turkey with its environmental policies but also the whole corporate sector. For example, it was the first Turkish company to sign the UN Global Compact’s Business Leadership Criteria on Carbon Pricing. And last year it took this one step further, becoming the only financial institution in the world to be included in the 2017 CDP (formerly the Carbon Disclosure Project) Water A List – one of just 78 companies that meet the highest standards for water security. Garanti is CEE’s best bank for sustainable finance.
Since 2015, when Garanti announced its climate change action plan focusing on carbon pricing, reducing deforestation, managing climate-related water risks and implementing a green office, the bank has been committed to playing a responsible role in sustainable finance. Sustainability is embedded in all areas of Garanti’s businesses, driven by a dedicated team assessing all business risk around climate issues and sustainability.
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| Ali Fuat Erbil |
It is a leader in financing alternative energy. At the end of 2017, Garanti commanded a 30.2% market share in Turkey’s installed wind power capacity, for example, and has gone beyond its commitment to renewable project finance. On the back of its loan to development finance institution Proparco for financing energy efficiency and renewable energy, energy efficient production projects and green mortgage loans, last year Garanti signed an agreement with the IFC to provide mortgages that would support a ‘green mortgage’ project.
It issued the first-ever residential mortgage covered bond in Turkey in local currency to support green mortgages in collaboration with the IFC. Garanti, under CEO Ali Fuat Erbil, will use the funds to provide green mortgages for the purchase of energy efficient housing, helping to boost the development of green buildings in the country’s housing sector. The bank also a signed similar covered bond agreement with the EBRD.
