TSKB Launches the “Green Swan Platform" for Joint Climate Action

Click here for the first issue of the report titled “Climate Review” by TSKB Economic Research as part of the TSKB Green Swan Platform.

The Industrial Development Bank of Turkey established the “TSKB Green Swan Platform” aimed at taking joint action to tackle the climate emergency, the major obstacle to sustainable and inclusive development. The Platform aims to bring together representatives from both the public and the private sector as well as NGOs, international organizations, academics, students and members of the press under its roof, and published its very first report entitled “Climate Review”. The report features global and national developments on the climate crisis and action steps by governments in addition to analysis of climate finance and climate action backed by specific and exclusive data. Ece Börü, the CEO of TSKB, expressed that the "Green Swan" concept referred to unexpected climate risks with a high destructive potential. "This concept has now secured a place in our agenda. The potential steps to combat the Green Swan scenario and improve the economic outlook affected by the COVID-19 pandemic will also determine our success in tackling the climate crisis. As a bank that has been working tirelessly for the economic, environmental and social development of our country for 70 years, we call on all our stakeholders to think together and generate solutions on the TSKB Green Swan platform, so a 'Green Recovery' can be possible."

The Industrial Development Bank of Turkey (TSKB) established the “TSKB Green Swan Platform” for joint solutions and action to be taken to tackle the climate emergency, the major obstacle to sustainable and inclusive development. Arguing that global warming could have unexpected and severe consequences not only economically but also in environmental and social terms, TSKB published a report entitled “Climate Review”, the first study conducted by the Green Swan Platform.

Prepared by TSKB Economic Research, the report features global and national developments on the climate crisis and action steps by governments, in addition to analysis on climate finance and climate action backed by specific and exclusive data. The report notes that the “Green Swan” concept, which was raised in 2020 in response to global warming, is much more destructive than the “Black Swan” concept, which is used to emphasize rare events that are difficult to predict and have the potential to cause a deep impact on the world of finance and economics.

Ece Börü, the CEO of TSKB, stated that the fight against a global problem could only take place through by ensuring the awareness, determination and cooperation of all segments, noting that worrying cases related to global warming rendered the "Green Recovery" inevitable.

Börü: "Through the “TSKB Green Swan Platform”, we aim to increase the number of climate leaders."

The CEO of TSKB, ECE Börü, shared her views on the "TSKB Green Swan Platform" and the report entitled "Climate Review", underscoring that multiple institutions and organizations needed to act in coordination to understand and manage the risks associated with the climate crisis. Ece Börü highlighted the government, private sector, NGOs and international organizations as stakeholders in the process, adding that was not possible for a single global or local actor to provide a solution, with the need for coordination becoming a necessity. Noting that the pandemic we had been going through was a process with global effects just like the Green Swan risk, Börü mentioned that the experience which all actors of the economy had gained during the period would also guide the efforts to tackle climate risks.

Börü said that TSKB sought to create a suitable environment for the exchange of experience and to increase the number of good examples and best practices. "We want to provide members of TSKB Green Swan platform with regular information through our reports and newsletters and to spread an awareness of climate risks to a wider number of stakeholders and sectors. We also attach great importance to actively communicating with our country's climate leaders and creating new leaders."

Börü: "Green Recovery steps will provide hints of the kind of future we desire.”

Ece Börü stated that central banks and international institutions had taken key steps to support the global economic recovery, reiterating that almost every country had been seeking to support its economy through different economic and social policies. "This extraordinary period presents a wide array of responsibilities for people, institutions and organizations which are adopting a rather medium-term view. Indeed, the 'Green Recovery', the seeds of which we will sow today, will actually provide a broad outline of the kind of future we seek and will offer us an appropriate way forward. In other words, we have the opportunity to design the future. Confronting the risk of the global climate emergency, which is a major obstacle to sustainable and inclusive development, is an important issue that requires the awareness, determination and cooperation of all stakeholders to solve. The global scenario expressed as the 'Green Swan' concept, which refers to low-probability but highly destructive climate risks, should now be on our agenda. The potential steps to be taken and collaboration to be established to combat the Green Swan scenario and to improve the economic outlook which has been weakened by the COVID-19 pandemic will determine our success in dealing with the climate crisis. As a bank that has been striving for Turkey’s economic, environmental and social development for 70 years, we take this opportunity to call on all relevant stakeholders to think together and produce solutions on 'TSKB Green Swan Platform'."

The “TSKB Green Class” will create climate risk awareness

• Stating that TSKB were seeking to bring together representatives from the public and private sectors as well as NGOs, international organizations, academics, students and press members under the roof of the “TSKB Green Swan Platform”, Ece Börü noted that TSKB had shared its international know-how on the climate emergency, built on 70 years of experience, with stakeholders, adding “the TSKB Green Swan Platform will serve as a meeting and cooperation point to think together and take high-impact steps. Moreover, it will employ various tools to identify stakeholders' awareness on the climate crisis risk and support them in the process. We know that responsible organizations which can make a difference are made up of active individuals. We will support the climate crisis risk training and awareness activities which the platform members will deliver to all stakeholders within their ecosystems such as their employees and suppliers. In addition, we plan to launch the 'TSKB Green Class' in cooperation with universities to support courses that raise climate risk awareness and ensure that we keep up with the ever-developing literature."