Garanti BBVA Wins Two International Awards for Türkiye’s First Biodiversity Bond

The bank won in two EMEA categories: Award for Innovation (Use of Proceeds, Green Bond) and Green Bond of the Year (Financial Institution). The Environmental Finance Sustainable Debt Awards recognize outstanding and innovative transactions across green, social, sustainable, and sustainability-linked bonds and loans. Winners are selected by an independent panel of investors, and the awards highlight deals that contribute to the development of sustainable finance markets, introduce innovative structures, and deliver strong environmental outcomes.

The award-winning issuance represents a milestone as Türkiye’s first biodiversity-themed bond. Proceeds are earmarked for projects focused on the conservation of marine and freshwater ecosystems—particularly in the Mediterranean basin—as well as sustainable tourism, sustainable fisheries, and water management initiatives. The bond’s framework brings these areas together under an ecosystem-based approach, offering an innovative use-of-proceeds model in the sustainable debt markets.

Totaling $20.22 million with a three-year maturity, the issuance was structured in line with international sustainable finance standards. Its framework incorporates transparent reporting and impact measurement, ensuring that bond proceeds are directed toward areas with genuine environmental impact.

Garanti BBVA Executive Vice President Cemal Onaran said the bank does not view sustainability as limited to the climate agenda alone, but also considers the protection of water resources, marine ecosystems, and biodiversity to be a key part of the financial sector’s responsibility. “With Türkiye’s first biodiversity-themed bond, we have taken a pioneering step to mobilize capital markets for nature-friendly investments,” he said. The two Environmental Finance awards, Onaran added, demonstrate international recognition of the bank’s approach and the innovative financing instruments it has developed. He said Garanti BBVA will continue to develop financing models that support the expansion of nature-, climate-, and water-focused investments.

Part of a broader sustainable finance strategy

The bond forms part of Garanti BBVA’s long-term sustainable finance strategy. The bank has set a TRY 3.5 trillion sustainable financing target for the 2018–2029 period, aiming to contribute to Türkiye’s green and inclusive transition. The biodiversity issuance signals that the bank’s sustainable finance approach is extending beyond a purely climate-focused agenda to embrace a broader environmental framework encompassing water, natural capital, and biodiversity.