The agreement, which includes a commitment to the BBVA Group, will enable the BBBA to take the necessary steps to combat climate change in Turkey’s banking sector, including sustainable finance through its strategy. Guaranteed BBA as well as an initiative to encourage the NSA to stimulate the financial system to achieve the goals of the Paris Agreement. He is the first and only Turkish signatory.
The Union represents a historic milestone in the banking sector’s contribution to combating climate change and is a major global initiative that unites banks based on their commitment to zero net emissions.
Guaranteed BBBA is committed to sustainable development and climate change and inequality for more than 15 years, and thanks to its innovative financial models, it is a leader in Turkey. A.D. In 2020, the Science-Based Targeting System (SBT) was the first to announce a total emission reduction target of 1.5 ° C. It also promises to reduce the 1 and 2 emissions by 29 percent and 71 percent by 2035 by 2025.
Reese Batutu, CEO of Garanti BibivaHe explained that banks play an important role in combating climate change and that the formation of the NZBA is a historic step towards global and coordinated action. We are proud to be the 54th member of the NZBA with a strong commitment to the global banking sector and to be the first bank in our country to join the initiative and develop strategies to achieve a net zero carbon portfolio by 2050. ”
The executive bought carbon credit for the remaining emissions by 75 percent compared to the base year by 2020. “We are a carbon neutral bank and we have achieved the goal set for 2035 15 years ago. We are also the first to eliminate coal in Turkey by not financing investment in coal-fired power plants and mines.
According to Granti Bibiva, the BBC’s Turkey unit is pursuing international trends to become a net zero emission bank. We show our strong commitment to fighting climate change by joining the Union for future zero emissions. We know our responsibility as a bank to address the climate crisis and we are proud to represent our country at this international forum, ”he said.
NZBA Glasgow Financial Union was formed as part of Net Zero Releases at the 26th United Nations Climate Change Conference (COP26) in November. The initiative includes 53 banks from 27 different countries with the goal of achieving their loan and investment portfolios by 2050.
What is COP26?
The United Nations Climate Change Conference (COP26) will be held in Glasgow, Scotland’s largest city, from November 1-12. COP means “Conference of Parties.” The annual summit will bring together 197 countries to discuss climate change and strategies. The various COP meetings were organized under the United Nations Convention on Climate Change (UNFCCC) on 21 March 1994, the first time the UNFCCC has adopted a global warming agreement.
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