Garanti BBVA joins the United Nations' Net-Zero Banking Alliance.
ENPNewswire-September 6, 2021--Garanti BBVA joins the United Nations' Net-Zero Banking Alliance
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Release date- 03092021 - BBBVA-Garanti-sostenibilidad-cero-emisiones-netas-Naciones-Unidas.
The BBVA unit thus becomes the first and only Turkish bank to join the Net-Zero Banking Alliance (NZBA), which was launched in April by the United Nations Environment Programme Finance Initiative (UNEP-FI).
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The agreement, which adds to the BBVA Group's adherence to this global initiative, will allow Garanti BBVA to take an important step in line with its undertakings in the fight against climate change in the Turkish banking sector, where it places sustainable finance at the center of its strategy. Garanti BBVA is also the first and only Turkish signatory to the NZBA, an initiative that encourages the mobilization of the financial system in attaining the objectives of the Paris Agreement.
The alliance represents a historic step forward for the banking sector's contribution to the fight against climate change and is the largest global initiative that unites banks under the commitment to zero net emissions.
Garanti BBVA has been committed to sustainable development and the fight against climate change and inequality for more than 15 years, and is a leader in Turkey thanks to its innovative financial models. In 2020, it was the first to announce its total emissions reduction target, in line with the 1.5-degreeC target of the science-based target methodology (SBT). It also committed to reducing Scope 1 and 2 emissions by 29 percent by 2025 and 71 percent by 2035.
Recep Bastug, CEO of Garanti BBVA, explained that banks play a very important role in the fight against climate change, and the formation of NZBA is a historic step to drive global and coordinated action. 'We are proud to be the 54th member of the NZBA, the strongest committed group in the global banking sector, as well as the first bank in our country to join the initiative and to develop strategies to achieve a net zero carbon portfolio by 2050.'
The executive recalled that in 2020, after reducing emissions from its activities by 75 percent compared to the baseline year, they purchased carbon credits for the remaining emissions. 'We are...
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