Garanti BBVA launches program of awareness events “Sustainable Future in Exports”

The CEO of Garanti BBVA, Recep Baştuğ, gave one of the opening speeches (along with Mustafa Tuzcu, Turkish Deputy Minister of Trade) and was later joined by the President of the Turkish Exporters’ Assembly, Mustafa Gültepe, Director of the Center for Research and Implementation of Climate Change and Policy at Boğaziçi University, Levent Kurnaz, , and the director of Ankara Teknokent University, Güray Değerli, for a discussion entitled “What should Turkey do as it prepares for the European Green Deal?” moderated by journalist and writer Ilgaz Gürsoy. In the workshops “New Business Normal: Sustainability” and “Sharing Technical Information and Know-how in Focus of Carbon Frontier Adjustment Mechanism”, the experts brought export companies up to date with the latest technical topics.

Sustainability themed loan package for customers looking to reduce greenhouse gas emissions…

During the event, Garanti BBVA launched a new sustainability-themed loan package to support customers who want to reduce their greenhouse gas emissions. Borrowers under the scheme will benefit from the bank’s expertise and communications network, lower interest rates and, through the bank’s partnership with the Turkish Standards Institution, a capacity-building program to reduce carbon emissions.

CEO Garanti BBVA, Recep Baştuğ pointed out that the world economy is not meeting its global warming targets and is in serious danger of passing a point of no return. Effective action on climate change requires a transformation, led by producers and, critically, the financial sector. Garanti BBVA hosts these awareness events as a step forward in this direction.

Recep Baştuğ explained that the European Union’s roadmap to sustainability is “Green Deal”. One of the key elements of the agreement is the Carbon Border Adjustment Mechanism or “CBAM”. Related reporting requirements will apply from 2023, while taxation of exports to third countries will be on the agenda in 2026. The date of entry into force of the Green Deal rules can even be brought forward, so that by 2026 carbon-intensive exporters in Turkey could pay up to €1 billion a year in CBAM taxes. It is therefore clear that Turkish businesses urgently need to make their production techniques more sustainable. “At Garanti BBVA,” says Recep Baștuğ, “we will support our stakeholders in the ecological transformation process with all our resources.”

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