Garanti BBVA Achieves Record Sustainability Score in 2024 S&P Global Assessment, Leading Turkish Banking Sector

Garanti BBVA Achieves Record Sustainability Score in 2024 S&P Global Assessment, Leading Turkish Banking Sector

(IN BRIEF) Garanti BBVA, part of the BBVA Group, achieved a record score of 85 in the 2024 S&P Global Corporate Sustainability Assessment (CSA), ranking 15th globally among 668 financial institutions. The bank’s commitment to sustainability includes a target to reduce emissions from its oil and gas portfolio by 30% by 2030 and its role as a pioneer in coal phase-out efforts. Garanti BBVA’s performance in areas like financed emissions and risk management earned it an 11-point improvement from the previous year. BBVA Group also continued its leadership in sustainability, securing top rankings in Europe and globally.

(PRESS RELEASE) BILBAO, 6-Jan-2025 — /EuropaWire/ — BBVA’s Turkish subsidiary, Garanti BBVA, has achieved its highest-ever score in the 2024 S&P Global Corporate Sustainability Assessment (CSA), with an impressive 85 points. This marks another milestone for the bank, which continues to lead the Turkish banking sector in sustainability efforts. On the global stage, Garanti BBVA ranked 15th out of 668 financial institutions assessed, further solidifying its role as a sustainability frontrunner. The S&P Global CSA is a prestigious platform that evaluates corporate sustainability across various domains, including business ethics, governance, climate action, transparency, risk management, and human rights.

In addition to this recognition, Garanti BBVA continues to lead in its commitment to reducing its carbon footprint. The bank has set a target to cut emissions from its oil and gas portfolio by 30% by 2030, part of its broader decarbonization strategy. This builds on the bank’s previous commitments to eliminate financing for coal companies and to reduce emissions in other high-carbon sectors. Garanti BBVA’s efforts align with the goals of the Net Zero Banking Alliance (NZBA), reinforcing its dedication to supporting the transition to clean energy.

Mahmut Akten, CEO of Garanti BBVA, highlighted the bank’s long-standing dedication to sustainability, saying, “We have been pioneers in sustainability since the early 2000s, integrating environmental, social, and governance (ESG) principles into all our operations.” Garanti BBVA was the first Turkish bank to pledge to phase out coal financing and to join the UN Net Zero Banking Alliance. The recognition from S&P Global reflects the bank’s significant strides in areas such as financed emissions, financial inclusion, and risk management, which contributed to an 11-point improvement from the previous year.

Garanti BBVA continues to innovate in sustainable finance, offering products and services that address key issues like gender equality, energy efficiency, financial literacy, and the circular economy. Akten expressed pride in the bank’s transparent, sustainable approach and its strong stakeholder relationships, emphasizing the importance of this recognition on a global scale.

Globally, BBVA Group also continued to demonstrate its leadership in sustainability, receiving the highest score in the banking category in Europe for the fifth consecutive year and securing a joint third-place position globally in the latest S&P Global Corporate Sustainability Assessment (CSA).

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SOURCE: BBVA