Mahmut Akten: "COP31 is an opportunity to drive Türkiye's energy transformation"
Next Monday, November 9, the United Nations Climate Change Conference (COP31) kicks off in Antalya, Türkiye. For Mahmut Akten, CEO of Garanti BBVA, the summit represents an opportunity to attract international investment and accelerate the country’s energy transition. In this interview, Akten highlights the role of the financial sector in turning opportunities into concrete projects and emphasizes that “the lasting legacy of COP31 will be the investments that materialize after the summit.”
Q: Why is hosting COP31 in Türkiye important for the country and the region? What role can the financial sector play?
A: Hosting COP31 is an opportunity to drive Türkiye´s energy transformation and to showcase its long term investment potential and sustainable transition priorities on a global scale.
We are entering a new phase in the global climate agenda. Ambitions and commitments remain essential, but the focus is increasingly shifting towards implementation. As Türkiye has substantial investment opportunities across energy, industry and infrastructure; we believe COP31 can help connect these opportunities with international capital, technology and expertise, creating momentum for investment across the wider region.
This is where I see an important role for the financial sector. Banks can help turn opportunities into bankable projects by structuring financing, managing risks, providing advisory support and bringing different sources of capital together.
At Garanti BBVA, we aim to combine our deep local expertise with BBVA's global capabilities to help companies bring their transition investments to life.
Q: Electrification is one of the key themes of COP31. Looking at Türkiye, which investments do you expect to become more important in the coming years?
A: Electrification is not only an energy transition issue; it is also an industrial, infrastructure and competitiveness agenda. In Türkiye, alongside renewable energy investments, we need to accelerate grid modernisation, energy storage, e-mobility and investments that enable industry to use clean energy.
To make this happen, the right financing structures are as important as the technology itself. New investment models, risk-sharing mechanisms and long-term capital will all be needed. At Garanti BBVA, we work closely with our clients to understand their low-carbon transition plans; and we develop financing solutions tailored to their investment needs..
These investments will be critical to strengthening Türkiye’s energy resilience and long-term competitiveness.
Q: Which sectors in Türkiye have the greatest potential to accelerate the energy transition and attract investment? What challenges do businesses face?
A: The opportunity is substantial, particularly in renewable energy, energy grids and storage, and the modernisation and decarbonisation of industrial production. These are not separate agendas. Reliable energy infrastructure, more efficient production and access to cleaner electricity all contribute to companies’ long-term competitiveness.
For businesses, the investment case is increasingly practical: reducing energy costs, improving efficiency and remaining competitive in international markets, particularly as sustainability requirements become more important in global supply chains. The main challenge is turning those needs into viable projects, especially where upfront costs are high and long-term funding or risk-sharing structures are required. This is where the financial sector has a critical role, not only by providing financing but also by helping businesses navigate their transition and structure investments.
We see this in the financing structured by BBVA Group for Aksa Enerji’s wind power and storage investment in Mersin: a 12-year, USD 124 million facility supported by a Sinosure guarantee. It illustrates how the right financing and risk-sharing arrangements can help enable complex energy investments. We believe that scaling up such solutions will be essential for the upcoming period.
Mahmut Akten, BBVA’s Country Manager in Türkiye.
Q: For Turkish exporters, particularly those trading with Europe, how are new carbon-related requirements changing business decisions?
A: Carbon-related trade requirements are becoming a business and competitiveness issue. For Türkiye, given its strong trade links with Europe, this transition is particularly important. Companies need to understand how these emission requirements may affect costs, production processes and future investment plans. This is particularly relevant for carbon-intensive industries exporting to the European Union. At the same time, we believe companies that take a proactive approach to decarbonisation will be better positioned to strengthen their competitiveness over the long term.
Our work with Medcem Cement Group provides a concrete example. Garanti BBVA developed a financial hedging solution that allows the company to lock in the price of a portion of its future EU Carbon Border Adjustment Mechanism (CBAM) certificate obligations for 2027. This new product helps make part of the company’s future carbon-related costs more predictable.
It is important to distinguish managing carbon price risk from reducing emissions. Businesses need both: financial tools to manage emerging risks and investments that improve efficiency and reduce the emissions intensity of production.
Q: What distinctive role can Garanti BBVA play as COP31 takes place in Türkiye?
A: Hosting COP31 gives Türkiye a significant opportunity to showcase its sustainable transition potential and connect its investment priorities with international expertise and sources of capital. Our contribution is to help make that connection practical. and translate this global attention into concrete climate mitigation and adaptation projects and long-term investment.
Garanti BBVA combines long-standing relationships with businesses in Türkiye, a deep understanding of their challenges and transformation needs, and BBVA Group’s international network and financing capabilities. We also work with international partners and institutions on financing and risk-sharing structures that can support long-term projects. This combination of local expertise and global capabilities puts us in a strong position to act as a bridge between international capital and Türkiye's sustainable transformation.
We want to use the summit to encourage meaningful dialogue among businesses, policymakers, investors and financial institutions. The value will come from the collaborations and investments that continue well beyond the event.
Q: Which recent transactions best demonstrate Garanti BBVA’s support for the transformation of the Turkish economy?
A: Our ambition is not just to increase sustainable financing volumes, but to support investments with a clear purpose in the real economy. By the end of the third quarter of 2026, Garanti BBVA had reached approximately TRY 1.9 trillion (Turkish lira)¹ in sustainable financing. Yet, for us, what matters is not only the scale of financing, but also the tangible impact it creates for our clients and the economy.
The Aksa Enerji wind and storage project is one example of how tailored long-term financing can support new energy infrastructure. Another is our work with Medcem, which shows that helping companies navigate the transition also means developing innovative solutions to manage new financial risks associated with carbon-related regulation. In both cases, we are responding to specific business needs with solutions that support long-term competitiveness.
These examples address different needs. One helps enable investment in the energy system; the other supports greater predictability in a company’s cost planning. Both reflect our approach of combining transition financing expertise with a detailed understanding of our clients’ businesses.
Q: Antalya faces climate-related pressures, including on water resources. How important are adaptation and resilience, and where do you see investment opportunities?
A: Adaptation must be an integral part of the conversation alongside emissions reduction. Climate change is equally about strengthening our ability to respond to the impacts we are already experiencing. For a region such as Antalya, where tourism, agriculture and urban development all depend on resilient infrastructure and effective water management, this is particularly tangible. Protecting water resources and strengthening climate resilience are therefore essential for the region's long-term economic development.
Across Türkiye, opportunities include more efficient water infrastructure, flood prevention, stronger critical infrastructure and investments that help agriculture respond to changing climate conditions. These needs call for financing structures suited to projects whose benefits are often realized over the long term.
Garanti BBVA has issued a USD 30 million, 371-day sustainability bond focused on adaptation and resilience. The financing is directed towards areas such as water infrastructure, flood prevention, resilient urban transformation, early-warning systems and strengthening critical infrastructure.