According to the statement made by the association, the report, the first of which was published last year, analyzed banks“ fossil fuel investments, ”net zero" target, carbon footprint, clean energy investments and ESG ratings.
According to the report, the Turkish Economy Bank (TEB) stated that it would not finance new coal projects since 2022. Garanti BBVA, QNB Finansbank and TEB reported that they will abandon their existing coal portfolios in the 2030-2040 period.
According to the report, which states that Vakıfbank and Türkiye Sınai Kalkınma Bank will align their portfolios with the net-zero carbon emission target by 2050, 9 out of 17 banks said ’no’ to coal, while 10 committed to act in line with the “net zero” target.
- “Fossil fuel phase-out must be followed by a transition to renewable energy”
Efe Baysal, Campaign Officer of 350 for Climate Association, stated that they scrutinized the practices of 17 banks in combating climate change compiled under 5 articles.
Baysal stated that the first of the main objectives of their campaign was to announce that banks would not take part in the financing of investments in fossil fuels, especially coal:
“Ending existing fossil fuel investments and announcing target dates for zero emission is an inevitable requirement for the exit from fossil fuels, which are the root causes of the climate crisis. Of course, for a more livable world, the transition from fossil fuels should be followed by a transition to renewable energy. Banks” investments in renewable energy projects will contribute greatly to the solution and accelerate the transformation of the energy sector."
During the preparation of the report, banks' 2022 integrated annual reports, 2022 annual reports, sustainability reports/presentations, CDP (Carbon Disclosure Project) results (if any) and Sustainalytics ESG ratings were analyzed.