Garanti BBVA has managed to achieve carbon neutrality by reducing its direct carbon dioxide (CO2) emissions to zero.
Thanks to energy efficiency initiatives and renewable energy purchase agreements, the bank reduced its absolute CO2 emissions by 75 percent in 2020. This means the bank has far exceeded its proposed target for 2035, accomplished 15 years earlier than expected.
“At Garanti BBVA, sustainability represents an important part of our strategy in the fight against climate change and inclusive growth,” said Garanti BBVA Executive Vice President Ebru Dildar Edin. According to the vice president, the institution has addressed climate change with a focus on water and waste management. Therefore, reducing its own environmental footprint in these areas is a basic to its sustainability strategy.
Dildar Edin listed the extensive initiatives that have been carried out since 2012 to manage the institution's environmental impact. First, sustainability representatives were appointed in all branches and buildings in Turkey to regularly monitor the consumption of resources to about thousand service points. In addition, lighting and cooling systems were changed to energy efficient ones and five of its buildings are LEED certified. In fact, they have started using renewable energy in all branches and buildings thanks to the signing of agreements with energy companies.
The bank also reports on its direct and indirect environmental impact analysis results with full transparency. With regard to its workers, the institution´s aim is to internalize these issues through training programs.
15 years earlier than expected
Ebru Dildar Edin added that the institution is constantly analyzing how to continue moving forward, the reason for which it sets ambitious goals. “In 2020 we reduced emissions from our activity by 75 percent compared to the reference year and we acquired the carbon credits necessary to neutralize the remaining emissions. As a result, by the end of 2020 we far exceeded the reduction target of 71 percent set for 2035; in other words, 15 years earlier. ” The vice president recalled that, in addition to direct impact initiatives, it also offers its customers innovative products and services that help them implement successful practices against climate change to reduce their CO2 emissions.