BBVA addresses the challenges of global climate finance at New York Climate Week

During New York Climate Week and the concurrently held 19th Turkey Investment Conference, Turkey's sustainable investment potential and transformation process were evaluated with international stakeholders. It was emphasized that ahead of COP31, to be held in Antalya in November, there is a crucial need to accelerate implementation and move beyond merely setting targets.

“New York Climate Week is helping to advance the preparatory work ahead of COP31 and to focus attention on one of the main challenges: moving from targets to implementation. The financial sector can contribute to this process by mobilizing capital, helping to structure bankable projects and managing the risks associated with investments. At BBVA, where sustainability is one of our strategic priorities as a driver of growth, we want to contribute our expertise in financing and supporting clients,” said Javier Rodríguez Soler, Global Head of Sustainability and Corporate & Investment Banking (CIB) who intervened in the UN Climate Summit 2026 as the voice of the global banking sector.

It is now time to move beyond target-setting and accelerate implementation

In his evaluation, Garanti BBVA CEO Mahmut Akten emphasized that the impact of climate transformation financing should be measured not only by numbers, but by the investments it enables. Akten stated, “Ahead of COP31 in Antalya this November, the most common topic we encounter here is the necessity to move beyond setting targets and accelerate execution. In finance, we love numbers and charts, but the real impact lies in the stories behind those figures. How an investment comes to life, how a company transforms through new technology, or how a risk becomes manageable demonstrates the true effect of financing.”

Highlighting the importance of sharing experiences to better understand and convey the role of the financial sector in sustainable transformation, Akten noted that they continue to collaborate with the public sector, private sector, investors, academia, and civil society to deliver actionable solutions across sustainable finance, clean energy, electrification, circular economy, resilient cities and infrastructure, agriculture, and biodiversity.

Financing the energy transition

Garanti BBVA Executive Vice President Sinem Edige spoke at the UN Global Compact Leaders Summit during New York Climate Week on the panel titled “Financial and Policy Obstacles to Accelerating Clean Energy Transition.” Edige stated that the primary barrier to the energy transition is not merely a shortage of capital, but rather the critical need to develop bankable, scalable projects supported by appropriate financing models.

Pointing out that high financing costs, currency risk, regulatory uncertainties, and infrastructure constraints can hinder strong projects from accessing capital—especially in emerging markets—Edige stressed that banks' roles extend beyond merely providing funds to connecting capital with the right projects. She expressed that banks contribute to bankability by structuring proper maturities and capital frameworks, managing risks, deploying guarantee and development finance mechanisms when needed, and connecting projects with optimal capital sources.

Edige also noted that Turkey’s renewable energy resources, industrial capacity, and strong linkages with European value chains offer a solid investment foundation. She mentioned that Garanti BBVA’s financing and risk-sharing mechanisms developed with institutions such as EBRD, MIGA, GGF, and EFSE combine local market expertise with international capital.

Highlighting that hosting COP31 presents a key opportunity for Turkey to turn this potential into a sustained flow of low-carbon investment, Edige stated that as Global Banking Partner of COP31, aim to bring together the private sector, development institutions, and investors around bankable projects, sustainable and transition finance structures, and targeted risk-sharing mechanisms.

Antoni Ballabriga also pointed out at the High-Level Solutions Dialogue on Climate Finance that “banks need national policy frameworks that create predictable cash flows through demand-side policies, mandates and carbon pricing mechanisms. He also claimed for investable national transition and adaptation plans, with clear national priorities and supporting streamline permitting”