• Tarik Akin, Head, The Department of Participation Finance · Finance Office, Presidency of Türkiye
  • Ahmet Albayrak, who is Chairman of KT Portfoy
  • Blake Goud, CEO, RFI Foundation (Co-Host)
  • Opening Remarks: Bengisu Özenç, SEFiA (Co-Host)

Turkey has recently made significant strides in policy to address climate change following ratification of the Paris Agreement and setting a Net Zero by 2053 target.[1]  The financial sector in Turkey has also made strides in sustainability with several green bonds & sukuk, including by the Turkey Wealth Fund to partially fund development of the Istanbul Financial Center.[2]

Data has been a key challenge around the world for financial institutions looking at their approach to climate-related sustainability risks, and the RFI Foundation, has produced an estimate connecting greenhouse gas emissions in the economy with the financial assets (stocks, bonds & sukuk, and bank financing) underpinning it).

These top-down estimates aim to fill a gap between financial institutions’ interest in measuring climate-related risks in preparation to meet ESG disclosure requirements of investors, including using the ESG reporting guidance from Borsa Istanbul.[3]  Furthermore, with additional global standards and principles from the International Sustainability Standards Board (ISSB) and the Basel Committee on Banking Supervision (BCBS), respectively, financial institutions increasingly see value in preparing for future reporting expectations.[4]

In addition to providing an overview of a new top-down data resource to understand the contours of financed emissions (Scope 3, Category 15) and the risks and opportunities that follow, this session will feature examples of how Turkish financial institutions – both conventional banks and participation banks – are approaching climate change risks and opportunities.

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10:00 – Welcome and introduction by event co-host SEFiA

10:10 – Presentation of the RFI Foundation report

10:30 – Panelists deliver 15 minute (each, x2) presentations on their experience on climate change-related sustainability risks, challenges and opportunities

11:00 – Audience Q&A

11:25 – Closing remarks from co-hosts

11:30 – Event ends

Questions for panelists

  • Please describe how climate-related risks factor into your overall ESG/Sustainability strategy, and any initiatives that reflect well how you are taking action to address climate change
  • Please explain the way that your institution sees the alignment between climate change mitigation and adaptation and your overall business/industry strategy for the financial sector
  • Please describe the approach that your institution is considering or has taken to align with Turkey’s Net Zero 2053
  • Please describe some of the challenges that have been faced in measuring, evaluating and mitigating the climate-related risks that you see as most important for Turkey’s economy and financial sector.

[1] Joe Lo and Chloé Farand. “Turkey ratifies the Paris Agreement after approving a 2053 net zero goal,” Climate Home News, 06 October 2021. https://www.climatechangenews.com/2021/10/06/turkey-ratifies-paris-agreement-approving-2053-net-zero-goal/

[2] Marlena Kareem. “Case Study: Turkey Wealth Fund issues sovereign green Sukuk Istisnah to develop Istanbul Financial Center,” Islamic Sustainable Finance & Investment, 17 May 2022. https://islamicsustainable.com/turkey-wealth-fund-issues-sovereign-green-sukuk-istisnah-to-develop-istanbul-financial-center/

[3] Borsa Istanbul. 2020. Sustainability Guide. Istanbul: Borsa Istanbul. https://www.borsaistanbul.com/files/Surdurulebilirlik_Rehberi_2020.pdf

[4] IFRS Foundation. “ISSB delivers proposals that create comprehensive global baseline of sustainability disclosures,” Press release. 31 March 2022. https://www.ifrs.org/news-and-events/news/2022/03/issb-delivers-proposals-that-create-comprehensive-global-baseline-of-sustainability-disclosures/
BCBS. “Basel Committee finalises principles on climate-related financial risks, progresses work on specifying cryptoassets’ prudential treatment and agrees on way forward for the G-SIB assessment methodology review,” Press release. 31 May 2022. https://www.bis.org/press/p220531.htm