Public Sustainability-related Commitment
Policy Influence/Advocacy and Trade associations-Climate Aligned
Garanti BBVA has been participating in local and international platforms and initiatives, which allowed for widespread, high level engagement with the business community, governments, policymakers, and numerous national and international organizations, NGOs. In this sense, Garanti BBVA is part of 45 working groups including the UN Net-Zero Banking Alliance (NZBA), United Nations Working Group of Principles for Responsible Banking, Global Compact Network Türkiye, the Turkish Business Council for Sustainable Development (BCSD Türkiye), and the Turkish Industry and Business Association (TUSIAD) Environment and Climate Change Working Group, and actively participates in or chairs 30 initiatives in total that include numerous platforms. We choose to collaborate with organizations that share our vision and whose activity is aligned with our objectives, such as industry associations, employers' organizations, chambers of commerce and the most prestigious think tanks who carry out studies on regulation, finance, digital technology, sustainability, alignment to Paris Agreement, financial inclusion and financial education in countries where we have a relevant presence. The Bank provides investment support to Community Investment Programs addressing reduced inequalities and supporting entrepreneurship, offering opportunities to everyone through education, supporting research and cultural Activities and supporting mitigation and adaptation activities on climate change.
Garanti BBVA takes into account the requirements of the Paris Agreement and the UN Sustainable Development Goals when choosing its projects in all these business initiatives, lobbying activities and collaborations in which it participates in the field of sustainability. Garanti BBVA has publicly announced its management approach against climate change with its Climate Change Position Statement & Action Plan. The banks believes that climate change is a strategic issue that merits full integration with all business processes and decision-making mechanisms. The Sustainability and Responsible Banking Committee is responsible for approving and putting into effect this declaration, its amendment and improvement. The Sustainability and Responsible Banking Committee is a senior/executive management level committee. The EVP who is responsible for sustainability area is the president of the committee. The CEO, who is also a member of the board of directors, is a member of the committee.
We adhere to these principles in all our business processes and business partnerships in order to support the goal of limiting global warming to 1.5 degrees and to ensure environmental, social and economic sustainability.
Garanti BBVA has established the “Procedure for adhesion, monitoring and severance of Public Sustainability-related Commitments” which defines and regulates the ways/principles to be followed to participate in, approve, follow up on and withdraw from Sustainability-Related commitments/initiatives.
This procedure; It applies to all corporate initiatives/commitments that aim to decarbonize our planet, protect the environment and natural capital, and increase inclusive growth and diversity. These initiatives can consist of three different types:
- Commitments that require milestones are met or not
- Associations, working groups, lobbying activities or networks
- Declarations, letters or statements that the bank adheres to
Procedure for adhesion, monitoring and severance of Public Sustainability-related Commitments started to be implemented the bank’s governance structure in 2023 . The procedure covers all Public Sustainability-related Commitment and collaborations where the bank has operations. Garanti BBVA aims to carry out a detailed evaluation and management process with support from the necessary business units during the participation process in these initiatives/commitments. In this context, all new initiatives are evaluated with the an internal template with the support of relevant business units and business areas, and are recorded and monitored in the bank’s system. The approval authority for the template is the bank's senior/executive level management. Initiatives/commitments that are deemed inappropriate for participation as a result of the evaluation are also recorded in this document, along with their reasons. The procedure and its evaluation and monitoring structure provide a clear framework for addressing misalignment between climate change policy positions of trade associations and the bank’s own climate position.
In case of a new initiative/commitment in which Garanti BBVA will participate, the governance framework covering all roles and responsibilities regarding the evaluation, approval and follow-up of this initiative/commitment has been determined in the relevant procedure and the approval level can be followed.
In its Sustainability General Policy, Garanti BBVA has determined the bank's sustainability principles in line with the Paris Agreement and the UN Sustainable Development Goals. In addition, the Environmental and Social Credit Standard, which is based on this policy, has included environmental and social issues in the decision-making process. This Standard aims to help achieve the SDGs, promote the fight against climate change in line with the Paris Agreement, and strengthen commitment to human rights.
Garanti BBVA bases itself on the principles of this policy and the Standard when determining all initiatives/commitments in which it will participate.
Please click here for our sustainability policy;
Please click here for our Environmental and Social Credit Standard;
When there is a controversy between Garanti BBVA's own climate position and the climate position of the initiative/commitment it participates in, the steps defined in "Procedure for managing controversies linked to sustainable aspects" will be followed. In case of any controversy, an internal evaluation process is carried out by our corporate communication team and sustainability/responsible banking team within the framework of this relevant procedure. Decisions taken after the internal evaluation are submitted to the Sustainability and Responsible Banking Committee for their information and approval.