The Finance Initiative of the United Nations Environment Programme (UNEP FI) organized a half-day conference about the importance of environmental & social topics in the financial industry in Turkey. Leading Turkish financial institutions such as Industrial Development Bank of Turkey (TSKB), İşbank and Vakıfbank gave information on how they integrate environmental issues into financial products and services. Experts from the region presented new ideas on “green” banking and insurance products as well as best practice in environmental credit risk management.

The local financial institutions such as TSKB, İş Bank, Yapı Kredi Bank highlighted the ongoing activities in Turkey from the sustainable finance point of view, but they also recognized that there is much to be done. The experiences shared by Bank Austria and Piraeus Bank were very much welcomed. European Bank for Reconstruction and Development (EBRD) also announced that a new branch will be operational soon in İstanbul and in the near future in Ankara as well, and that they are looking for similar opportunities in Turkey.

Approximately 80 participants joined the meeting actively and raised questions related to the alternative sustainable financial products, its viability, the comparative advantage the companies may gain and the time needed to establish such an infrastructure. All the participants agreed that a follow up survey to assess national demand is critical while designing the capacity building program. UNDP Turkey Office also committed to organize a follow up training for local partners in close collaboration with United Nations Environment Programme, Regional Environmental Center (REC), and other partners such as Turkish Business Council on Sustainable Development and Turkish Industrialists' and Businessmen's Association.

The event provided a unique opportunity for senior and middle level management of financial institutions to meet and get acquainted with current approaches of the financial industry towards environmentally and socially relevant topics. The event was hosted by Yapı Kredi Bank and supported by REC Turkey, EBRD and the UNDP Turkey Office.

UNEP FI is a unique global partnership between UNEP and over 170 financial institutions, focusing on the impacts of environmental and social considerations on financial performance.

For more information on UNEP FI, please click here.