TSKB has puts its signature to the declaration on the transition to a low carbon economy put together by the members of ELTI within the scope of COP21

The Association of European Long Term Investors (ELTI), of which TSKB is the only member in Turkey, has published a declaration to support the transition to a low carbon economy

The Association of European Long Term Investors has published a declaration to support the transition to a low carbon economy as national, regional and multi-party development and financing organisations, within the scope of the Climate Summit (COP21 Summit) held in Paris between the dates of 30 November – 11 December 2015. The total balance sheet value of the 25 important long term financing organisations which have put their signatures to the declaration prepared by ELTI – of which TSKB is the only member from Turkey – is over EUR 2.2 trillion.

It is underlined in the said declaration that national, regional and multi-party financing organisations play an important role in the transition to a low carbon economy with their public investments and the long term support they provide to private investments, while the declaration also draws attention to the new investment and business opportunities in this period. The organisations, which state that they are aware of the physical, economic and financial risks which currently come together with climate change, have given their undertakings to take important steps on these matters by 2020. It is also stated in the declaration that support will be provided to the voluntary climate principles published at the World Bank Annual Meeting, held in Lima in October 2015.

The members of ELTI have given the following undertakings in order to contribute to the efforts made on the matter of the climate, at the COP21 Summit:

a. To measure and report the levels of financing of a sustainable economy in terms of the low use of carbons and the climate, and to take steps directed at improving the climate performance by 2020;

b. To increase the support provided to innovative vehicles in line with economic targets which are consistent with the low use of carbons and climate change;

c. To assess the subject of providing financing at significant amounts directed at the climate targets; and

d. To pay attention to the carbon concentration of their portfolios, to strengthen the compatibility of their investments with climate change and to attach importance to the environmental and social impacts in the business models, strategic decisions and performance measures of the companies to whom financing is provided.

Çiğdem İçel, the Executive Vice-Chairman of TSKB, who evaluated the declaration published by ELTI, said, “As TSKB, our fundamental mission is to support the sustainable development of our country. Within this scope, we have been providing financing investments which will ensure the transition to a low carbon economy, for many years. More than half of our lending portfolio is comprised of investments such as renewable energy, energy and resource productivity. We welcome and support the steps taken by the initiatives we are a part of in the national and international arena, on the matter of the climate, with great happiness. Within this scope, following the declaration recently published by the International Development Financing Club (IDFC) – which we are a member of – we have also put our signature to the declaration published by the Association of European Long Term Investors (ELTI), thus strengthening our undertaking to support the low carbon economy even further. While monitoring the Climate Summit in Paris, we once again witnessed that the real difference can be created with cooperation between the countries and organisations. It is our wish that the Turkish world of business also embraces the global climate targets and begins a lasting transformation for a tangible climate performance.”